A loan used to buy property, secured by the property itself.
A mortgage is a long-term loan to purchase real estate, where the home serves as collateral. Monthly payments typically combine principal, interest, property taxes, and insurance. The rate, term, and your down payment shape the total cost, and missing payments can ultimately lead to foreclosure.
A 30-year mortgage spreads repayment over three decades, lowering the monthly payment but raising total interest.