What Is a Mortgage?
A mortgage is a loan to purchase a home or land. When you begin planning to buy a home, shopping for mortgages is one of the steps you can take to find out how much you can afford. Mortgages are offered by banks or credit unions and the loan is secured (guaranteed) by the property you purchase.
The process can seem overwhelming, but with good planning and the right help, getting a mortgage for your home purchase may be easier than you think. Check out this short video on how mortgages work.
Saundra Davis is a nationally recognized financial coach and educator. Her experience in the U.S. Navy, where she made every money mistake possible, and her 20 years serving community-based organizations led her to the reality that the best way to help people find a path out of poverty is to help them become their own financial expert.