A mortgage is a loan that's used to buy or maintain real property, such as a house, land or any other type of real estate. Borrower agrees that he or she will pay back the lender in regular, usually divided into principal and interests. To secure the loan, collateral is provided by the property. Borrowers must first apply to a lender for mortgages. They also need to meet certain requirements such as minimum credit scores and down payment. Before closing, mortgage applications must go through rigorous underwriting. There are many mortgage types available, depending on what the borrower needs. These include fixed-rate and conventional loans. Star Finance mortgages can offer a fixed-rate mortgage with terms up to 3-5 years. While extending the payments for a longer period of time may lower the monthly payment but increase the interest paid over the term of the loan, it can also reduce the amount of interest the borrower has to pay. Your mortgage can be amortized to the amount you are comfortable paying.