People who want to buy a house typically ask the bank for a ________ over a 10- to 30-year period
People who want to buy a house typically ask the bank for a ________ over a 10- to 30-year period
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People who want to buy a house typically ask the bank for a ________ over a 10- to 30-year period
The correct answer is “mortgage.”
A mortgage is a loan specifically used to purchase real estate, where the property itself serves as collateral for the loan. Borrowers agree to pay back the loan amount, plus interest, over a specified period, typically ranging from 10 to 30 years. This arrangement allows individuals to buy a home without needing the full purchase price upfront.