Mortgage
Definition 1 of 2
Pro Tip 1/3
Financial Commitment
A mortgage is a long-term financial obligation, often 15 to 30 years. Before taking out a mortgage, consider your ability to make long-term payments.
Pro Tip 2/3
Default Consequences
Failing to repay a mortgage can result in losing your home to the lender. If they default on the mortgage, the bank may foreclose on their home.
Pro Tip 3/3
Cultural Significance
Owning a home with a mortgage is often linked with success and stability in many cultures. Their goal was to have a mortgage by 30, as a sign of financial achievement.