User: What are the pros and cons of getting a mortgage on a house?
Assistant: Pros:- Ability to purchase a home with a lower down payment- Lower interest rate than other loan types- Tax deduction on mortgage interest paid- Stability of a fixed-rate mortgageCons:- Your home is used as collateral- You may need to pay private mortgage insurance with a low down payment- Larger monthly payments than other loan types- Upper credit score needed to get the lowest interest rate