MortgageLoan
When you want to buy a house but you don't have enough money to pay for it all at once, you can borrow money from a bank. This is called a mortgage loan. The bank will give you the money to buy the house, and then you have to pay the bank back over a long time, usually 15 to 30 years.
Think of it like borrowing money from a friend to buy a toy, but you have to pay them back a little bit each week for a really long time.
When you pay the bank back, you're not just paying back the amount you borrowed. You also have to pay a little extra called interest. It's like a fee for borrowing the money. The amount of interest you pay depends on how much you borrowed and how long you take to pay it back.
It's really important to make your mortgage payments on time, because if you don't, you can lose your house. That's why it's always good to make sure you can afford the payments before you borrow the money.
Think of it like borrowing money from a friend to buy a toy, but you have to pay them back a little bit each week for a really long time.
When you pay the bank back, you're not just paying back the amount you borrowed. You also have to pay a little extra called interest. It's like a fee for borrowing the money. The amount of interest you pay depends on how much you borrowed and how long you take to pay it back.
It's really important to make your mortgage payments on time, because if you don't, you can lose your house. That's why it's always good to make sure you can afford the payments before you borrow the money.