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How does a mortgage work?
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A mortgage is a loan taken out to purchase property or land. The lender provides the borrower with the funds needed to buy the property, and the borrower agrees to pay back the loan over an agreed-upon period of time, usually with interest. The borrower makes regular payments to the lender over the course of the loan, and the lender may require security, such as property or land, to back the loan. Once the mortgage has been repaid, the borrower owns the property outright.