The Anatomy of a Mortgage: "What exactly is a mortgage? Simply put, it's a loan from a financial institution to you. In return, you pay interest on the amount loaned. The lender also has first dibs on your house in case you neglect to pay back the loan.

Francophiles and wordsmiths will recognize the root word 'mort' in there. No, that's not your Uncle Mort; that's the French word for 'dead.' The idea is that you're going to kill off that loan, by paying back the money you borrowed. You amortize the loan, over time. Yes, it's a slow death, but it must be carried out.

A loan has three facets:

1. size (how many dollars you need to borrow)
2. interest (the percentage rate you pay on the loan)
3. term (how long it will take to pay off the loan)"