What is a mortgage?:
I mortgage is a loan that you would usually take out for buying property or land.
Positives of a mortgage:
- The interest rates are lower than other types of borrowing.
- Long-term mortgages can give you more time to pay.
- No security risk.
- A stable rate of interest.
- Less documentary charge.
Negatives of a mortgage:
- You pay more than what you borrowed.
- The loan amount is larger than with a conventional, fixed-rate mortgage.
- Debt
Why would you use this loan?:
It is a good example of good debt because it comes with low interest.
We can use it to be able to buy a house.
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