It is possible to purchase and live in your own home for a prolonged period of time.
If the mortgage is secured by collateral, it’s in contrast to personal or student loans. Banks can take over and take possession of the property if the loan isn’t paid in date.
A down payment is necessary in order to qualify for the mortgage. It is an amount equal to the price of the home. The minimum amount for down payment is 20 percent. However, the requirements for banks can differ.
When the down payment is completed, a loan is approved when your credit score and income statements are satisfactory. This loan is the option of a floating or fixed rate. The term refers to the period of time that fixed rates are fixed. Amortization is the time it takes to repay the loan. It can take 20, 30 to 40, or more years.
Have a look at this video for more information about mortgages.