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Mortgages are loans given by banks to pay for a home. They come in all shapes and sizes, and can be excellent tools to build personal equity and ownership.

The loan principal is the amount you actually borrow to purchase the home. Interest is the amount the bank charges you to use their money; it is a percentage based on current economic indicators.

Because the loan is for such a high amount, it is usually financed for between fifteen and thirty years. The amount of time is called the loan's term. Principal and interest together comprise most of your payment.

The total is then divided into equal payments over the life of the loan using a process called amortization. With amortization your payments mostly go toward interest early in the loan and then more goes toward the principal later in the life of the loan.

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