Answer:
are making a large purchase.
Step-by-step explanation:
A mortgage is a long term debt. It takes at least five years to repay a mortgage. In practice, mortgages are issues for between 10 and 30 years.
Mortgages are ideal for purchases requiring a colossal amount of money. For example, the purchase of homes, land, plants, and equipment. The repayment of the amount borrowed to facilitate such purchases is spread over many years. This enables the borrower to repay the loan in affordable monthly installments.