A mortgage is a loan taken out with a bank or building society to buy a house or other property. The US mortgage and loan market is one of the most innovative and competitive in the world.
There are two main types of mortgage: repayment mortgage, where your regular repayment goes towards the amount you borrowed (the capital) and interest-only mortgage, where your regular repayment goes towards the interest only. At the end of the mortgage you repay the capital in a lump sum.
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