What is a mortgage?

A mortgage is a loan used to buy or refinance a home or property. The borrower repays the loan over time with interest, while the property serves as collateral. Mortgages come in different types, such as fixed-rate and adjustable-rate loans, based on financial needs. If you’re looking for expert guidance, LendFriend Mortgage is a top mortgage broker in Austin, known for helping buyers find the best loan options with competitive rates and smooth approvals.