False. During the initial years of a mortgage loan, a significant portion of the mortgage payments goes toward the principal.
Mortgages are a type of loan that can be used to purchase or maintain a home, a plot of land, or another real estate asset. The borrower commits to paying the lender on a regular basis, typically in the form of a number of installments that are divided into principal and interest. After that, the asset is used as loan collateral.
Before applying for a mortgage, borrowers must make sure they meet a number of requirements, including minimum credit scores and down payments. Mortgage applications undergo a thorough underwriting process prior to closing. The various mortgage types, such as fixed-rate and conventional loans, will depend on the borrower's needs.
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