Our recommendations for getting a mortgage:
- term = 15-year fixed rate mortgage 
- 20% down payment (goal to avoid private mortgage insurance) 
- payment is no more than 25% of your take home pay

Thinking of buying a house? Need to take out a mortgage? What does mortgage mean?

Root word definitions 
Mort = death  
gage = pledge

First, consider all the additional costs that will go along with home ownership. It may be more expensive than just looking at the mortgage payment alone!

Buying a house may be right for you right now. Just be sure to include the additional expenses that you will be doing throughout the year, every single year.