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A mortgage is designed so that you repay the loan over a set period of time known as the term. 30 years is the most commonly used term. Each payment combines principal and interest, as well as property taxes and, if applicable, mortgage rates. (Homeowners insurance may or may not be included, and the homeowner is responsible for paying the insurer directly.) The principal is the amount of money borrowed, whereas interest is the fee charged to borrow the money.

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