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Hi. How do mortgages work? There are thousands of mortgages out there, but I am going to give you the basic definition of what a mortgage is and how it works. Hi, my name is Adriel Torres, I am the owner of UltimateCreditToday.com. Mortgages are basically a repayment that encompasses real estate. The lender lets you buy the property and they put a mortgage that is recorded at your local county's office. Basically, you have a certain rate, also, amortization, mostly thirty years, most of the mortgages are thirty-year mortgages. And the terms. So you can have an adjustable-rate mortgage or a fixed-rate mortgage. Regardless of the mortgage that you have, you owe the debt, and it is based on monthly payments which are towards principle, the reduction of the loan that was, that you borrowed from the bank, plus the interest that you have to pay back on that loan. Now most mortgages nowadays are fixed, which means that you are paying the same amount every month for up to as long as the mortgage term, which is usually thirty years. Once again, that is how mortgages work. My name is Adriel Torres with UltimateCreditToday.com. Thank you.