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\n <\/div>\n \n Find a top real estate agent near you<\/h3>\n
We analyze over 27 million transactions and thousands of reviews to determine which agent is best for you based on your needs. It takes just two minutes to match you with the best real estate agents, who will contact you and guide you through the process.<\/p>\n \n
First: A mortgage is a type of loan you can use to purchase a home. It\u2019s different from other loan products because it\u2019s secured by the property itself. Being secured by the property means if the borrower violates the terms of the mortgage, the lender can claim the house back.<\/p>\n
Who uses a mortgage?<\/h2>\n
Most homebuyers in the United States use a mortgage because few home purchasers have all the cash in hand they\u2019ll need for home purchasing. A home is the biggest purchase most Americans will make in their lifetime. The median sales price of a residential property was $412,300<\/a> in the second quarter of 2024, while the median household income was $74,580<\/a>, and the median savings account in the United States had a balance of $8,000<\/a>.<\/p>\n