Mortgages

Front

What happens if you are unable to repay your mortgage?

Back

The bank might sell your home to recover its investment.

Front

Why would someone choose a short-term mortgage despite higher monthly payments?

Back

You pay less interest in total.

Front

What factor will a bank consider when approving a mortgage?

Back

Your salary.

Front

What is an investment?

Back

A way to grow your money over time.

Front

What is one advantage of making a larger down payment?

Back

You will need a smaller loan.

Front

What is a mortgage?

Back

A loan specifically for purchasing property.

Front

What is the principal in a mortgage?

Back

The original amount of money borrowed.

Front

What is interest in the context of a mortgage?

Back

The cost of borrowing money, usually expressed as a percentage.

Front

What is a down payment?

Back

An initial payment made when purchasing a property, usually a percentage of the total price.

Front

What does it mean to default on a mortgage?

Back

Failing to make the required payments on the loan.