What is a mortgage?

A mortgage is a type of loan to buy a home and/or property. It’s a legal agreement which a financial institution lends money (usually with interest) in exchange for holding the title of the borrower’s property until the loan is paid in full.

There are different kinds of home and property loans. Knowing the differences between the types of mortgages can help you prepare for a mortgage loan when you’re ready.

For more information on mortgages, visit our Home loan page.