For a relatively simple concept mortgages seem to hold special powers of confusion that befuddle otherwise sensible people.

Here's all you ever needed to know about mortgages but thought you didn't need to ask.

A mortgage is a loan. It's just like a car loan or a personal loan. It's a chunk of money given to you, in return you pay interest and over time you pay down the loan.

That's it, there isn't any magic to it.

The following sections will drill down in more detail to look at Interest Rates, Your Monthly Payment, and some of the behind the scenes stuff that you might never have been aware of.