Owning a home is a dream for many US citizens; most of them opt for a mortgage to manifest their dream. If you are one of such potential homeowners, you must contemplate mortgage fundamentals, the type of loans, and the process in simple terms. A mortgage, aka mortgage loan, is an accord between the borrower and a mortgage lender to finance or refinance to purchase a property without paying the upfront cash. This contract provides the legal right to the lender to possess the property if the borrower fails to repay the loan amount within the specified tenure. The repayment...