A mortgage is a loan you take out to buy a home. You repay it over time, with interest, through regular payments until the loan is fully paid off.
What’s the difference between a fixed-rate and variable-rate mortgage?
A fixed-rate mortgage keeps the same interest rate for the entire term, so your payments stay the same. A variable-rate mortgage can go up or down, depending on market rates.
How long does the mortgage process take?
On average, the mortgage approval process takes 2–4 weeks, depending on how quickly you provide documents and the lender’s review time.
What is the difference between a mortgage term and an amortization period?
The term is how long your current mortgage contract lasts (often 1–5 years). The amortization period is the total time it will take to pay off your mortgage in full (often 15–30 years).
Can I get a mortgage if I’m self-employed?
Yes. You’ll need to show proof of income, such as tax returns or bank statements, and you may need a larger down payment.
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