Before we dive into the concept of a mortgage maturity date, let’s quickly recap the basics of a mortgage.
A mortgage embodies a specialized loan crafted with the explicit purpose of facilitating real estate acquisitions.
It enables individuals to buy homes by borrowing money from a lender, often a bank or a financial institution.
The borrowed amount is typically paid back over a specific period, which can range from 15 to 30 years or even more, depending on the terms of the mortgage.