Definition: The word 'mortgage or buy outright' refers to the act of purchasing a home loan from a lender, typically using a mortgage broker, and paying back that loan in monthly installments over a period of time without any interest charges. A mortgage involves borrowing money to purchase real estate (such as a house). The borrower pays off this debt with periodic payments to the lender. In other words, buying a home is essentially renting it out for a period of time; while you are still paying back the loan in monthly installments, you own the property outright and don't have to pay any interest. For example, if you borrow $100,000 from a bank and the lender charges 5% annual interest, the total amount paid over the term of the loan (20 years) would be $20,000.
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