<human>:  What are the pros and cons of getting a mortgage on a house?
<bot>: 
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 mortgage

Cons:
• 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