Demystifying Mortgages: Exploring Financing Options for Homebuyers Purchasing a home is an exciting milestone in anyone's life. However, it can also be a financial challenge. That's where mortgages come in. A mortgage is a loan specifically designed for purchasing real estate, enabling individuals to become homeowners without having to pay the full purchase price upfront. Mortgages typically involve two parties: the borrower (homebuyer) and the lender (usually a bank or financial institution). The borrower agrees to repay the loan over a specified period, usually in monthly installments, while the lender holds the property as collateral until the loan is fully repaid. When considering a mortgage, it's crucial to understand the key components involved. The loan amount, interest rate, term, and down payment play significant roles in determining the affordability of a mortgage. The loan amount is the total sum borrowed, while the interest rate is the percentage charged by the...