A Mortgage or a home loan is an arrangement between the borrower and a home loan moneylender. It is utilized to purchase or refinance a home without having all the money forthright. At the point when you get a Mortgage, your bank provides you with a set amount of budget to purchase the home. You agreed to repay your loan with interest over a time of quite a long while. You don't completely possess the home until the home loan is paid off. The cost of a mortgage will depend on the type of loan, the term, and the interest rate the lender charges.