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The term for amortisation refers to the number of months required to pay off a mortgage loan with a level payment.
What is mortgage?
When you and a lender enter into a mortgage, the lender is granted the power to seize your property if you are unable to pay back the loan amount plus interest. You can use a mortgage loan to finance the purchase of real estate or to borrow money against the value of your current home. Mortgage is an Old English and French word that means "death pledge." This type of loan "dies" when it is fully repaid or if the borrower defaults, which is how it got its name. In plainer terms, a mortgage is an agreement that a person enters into with a bank when they borrow money from the institution (bank loans) and pledge a piece of real estate as security for the bank until the full amount is repaid.
Why do people go for mortgage?
You can give yourself more financial flexibility by selecting a mortgage. A mortgage calculator can be a useful tool for planning some of the expenses. The interest rate could be better the more money you contribute to the house. Your mortgage will cost more over its entire life if you put down little money.
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