Overview
A mortgage is a loan used to finance the purchase of property. The lender provides funds and the property typically serves as security until the loan is repaid.
Key Terms
- Principal
- Interest rate
- Loan term
- Deposit
- Monthly repayment
How It Works
- Assess your budget.
- Apply for pre-approval.
- Select a suitable property.
- Complete the lender's application process.
- Finalise legal documentation.