Definition: Mortgage refers to a financial arrangement where a borrower (the tenant) advances money or other assets to another person, usually someone who will pay back the money later, often with interest. The amount borrowed (the principal amount) is typically higher than what would be paid in cash if the property were sold immediately. The term "mortgage 4000 a month" means that the borrower pays an upfront fee of $4000 to start the process and then monthly payments follow, with the balance being compounded over time. This fee may be called the interest rate or the rate at which the interest will accrue on the borrowed amount. This term is common in areas like real estate, where property values fluctuate periodically, resulting in fluctuations in loan amounts and payments. The borrower typically makes a minimum payment to start with, but there are often additional fees for early termination, such as refinancing or repossession fees.
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