Mortgage loans are used to buy a home or to borrow money against the value of a home you already own. A mortgage is an agreement between you and a lender that gives the lender the right to take your property if you fail to repay the money that you borrowed with interest. The most popular mortgages are a 30-year fixed-rate mortgage and a 15-year fixed-rate mortgage. There is also something called an adjustable-rate mortgage where the rate fluctuates with market interest rates.

Use this Mortgage Calculator to calculate your potential mortgage payments

Common Types of Mortgages

FHA A Federal Housing Administration (FHA) loan is a mortgage that is insured by theĀ Federal Housing Administration (FHA) and issued by an FHA-approved lender. FHA...