Archwell Operations Junior Underwriter Interview Questions and Answers

A mortgage is a loan used to purchase real estate, with the property serving as collateral for the loan.

• Mortgages are typically long-term loans, often lasting 15-30 years.

• Interest rates on mortgages can be fixed or adjustable.

• Failure to repay a mortgage can result in foreclosure, where the lender takes possession of the property.

• Common types of mortgages include conventional, FHA, VA, and USDA loans.