what does it mean to mortgage a house

Mortgaging a house means taking out a loan from a lender to buy a home or to borrow money against the value of a home you already own. The property itself serves as collateral for the loan, which means that if you fail to repay the money youve borrowed plus interest, the lender has the right to take your property. Mortgages are available in a variety of types, including fixed-rate and adjustable-rate, and the cost of a mortgage will depend on the type of loan, the term, and the interest rate that the lender charges. The regular payment amount will stay the same, but different proportions of principal vs. interest will be paid over the life of the loan with each payment. Typical mortgage terms are for 30 or 15 years.