India, Sept. 20 -- A mortgage is a loan that helps people buy a home without paying the full price upfront. The home itself acts as collateral for the loan. This means the lender has a legal claim on the property until the mortgage is fully paid.

Most buyers repay the mortgage through monthly payments over many years. "It's what makes homeownership possible for most people," said Debbie Calixto, a sales manager at mortgage lender loanDepot in Indian Wells, California. Calixto said the lender provides the money to buy the home, which the borrower then repays over time, according to the USA Today.

Most mortgages require monthly payments for a fixed period, usually 15 or 30 years. The payment generally includes principal and interest.It ca...