Last week we talked about some initial steps people could take in preparing to buy a home, such as identifying a lender for a home loan. So what exactly is a mortgage and when does it come into play?
Simply put, a mortgage is a loan for which your home serves as the collateral. A mortgage payment includes the principal cost, which is the amount owed on your home, and an interest fee, which is the amount owed to the bank or lender for letting you borrow the money.
But what else should you know about mortgages and when should you start looking for one? That's the topic of this week's SmartMoney Monday.
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