PersonalFinanceLab: What is a Mortgage

This animated video explains the concept of a mortgage, how it works, and the benefits of owning a home through a mortgage. What You Will Learn: • What a mortgage is and how it differs from other types of loans. • The importance of a down payment and how it affects the loan. • The concept of interest rates and how they are calculated. • The difference between fixed and variable interest rates. • The amortization period and how it affects the loan. • The benefits of owning a home through a mortgage, including building equity and potential long-term profits.