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A mortgage loan is a long-term loan secured by real estate. It is used to purchase a home, with the property serving as collateral for the bank.
Banks typically require a down payment of 10% to 30% of the property value. A larger down payment means a lower monthly payment.
The interest rate can be fixed or variable. Fixed guarantees stable payments, while variable follows market conditions.
The standard term is between 15 and 30 years. A longer term means lower monthly payments, but more interest paid overall.
