The biggest factor in determining the price of a mortgage is:
Answer: C. The interest rates.
According to experts, mortgage is a loan that a borrower must pay to a bank in order to own a house. The interest rate refers to the cost of a mortgage or the amount of the loan an individual must pay in order to get a loan. Different countries have different interest rates, and they can go up to 20%.
People take out mortgages when they can’t afford to purchase a house or what the cost of paying it over the next years. Individuals pay the principal (the price of the house) and the mortgage interest while they are paying these loans. Below is one example of the payment plans.