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Buying a home is a great investment in your future and a great way to build wealth. However, few people – if any- can just buy a home. Instead, you need to get a mortgage. Mortgages are secured loans that use the house as collateral. They are structured differently than other types of loans because they typically are paid off over a much longer time.
Mortgages come in different types, and have different terms- so be sure to be aware of what your mortgage means to your finances before you sign on the dotted line.
