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Understanding the basics helps you make better decisions
A mortgage is a loan from a bank or lender to help you buy a home. You repay it monthly over an agreed period — usually 15 to 30 years — along with interest charged by the lender.
Your deposit is the amount you pay upfront toward the home purchase. A larger deposit means a smaller loan and usually a lower interest rate, saving you money over time.
A fixed rate stays the same for a set period, making budgeting easier. A variable rate can go up or down with the market, which means your payments may change over time.