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Mortgage

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mortgage

A mortgage is a loan that is used to finance the purchase of real property.  Mortgages have certain benefits over some other types of loans, including:

  • The interest may be tax deductible
  • As it is a secured loan, the interest rate is generally lower than many other types of loans
  • The underlying asset may increase in value over the long term rather than decrease in value

How to Save on a Mortgage Loan

One easy way to save money on a mortgage is to obtain quotes from many different lenders.  Not all mortgage providers offer the same rates, and obtaining a lower interest rate on your mortgage loan can save you tens of thousands of dollars over the life of a mortgage.  Here are a few places where you can get multiple quotes in just minutes:

When comparing quotes for your mortgage loan, make sure you consider the interest rate, any points, closing costs, minimum down payment requirements, and qualifying guidelines.

For additional mortgage information, see our Mortgage articles in the Personal Finance section of the site.

Image: alptraum/bigstock

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