You have decided that the market is right, and it is time for you to purchase your first home. First, Congratulations! Purchasing a home is one of the biggest life events that you can take part in, and owning a home can feel like a big step toward truly gaining your own independence and living the life that you choose. However, before you can pick up the keys, there are some things that you need to get in order first.
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If you are looking at buying a new home, there is a strong possibility that you will need to take out a mortgage. A mortgage is a loan that is taken out with the sole purpose of helping someone to purchase a property. This could be an apartment or condo, a budget single-family home or a huge, sprawling mansion. Most mortgages run for around 25 years, and over this period, the amount borrowed is repaid to the lender, along with an agreed rate of interest.
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