Mortgage Category
Mortgage loans allow individuals to purchase real estate by borrowing funds secured against the property. These loans typically involve fixed or variable interest rates and repayment terms ranging from 10 to 30 years. Lenders assess credit scores, income, and debt-to-income ratios to determine eligibility and loan amounts. Mortgage types include conventional, FHA, VA, and USDA loans, each designed to meet different borrower needs and qualifications.