MORTGAGE LOAN

The term mortgage refers to a loan used to purchase or maintain a home, land, or other types of real estate. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property serves as collateral to secure the loan.

A borrower must apply for a mortgage through their preferred lender and ensure they meet several requirements, including minimum credit scores and down payments.

Mortgage applications go through a rigorous underwriting process before they reach the closing phase. Mortgage types vary based on the needs of the borrower, such as conventional and fixed-rate loans.

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Four major elements that we offer:

  • Mortgages are loans that are used to buy homes and other types of real estate.
  • The property itself serves as collateral for the loan
  • Mortgages are available in a variety of types, including fixed-rate and adjustable-rate.
  • Mortgage rates can vary widely depending on the type of product and the qualifications of the applicant.
  • The cost of a mortgage will depend on the type of loan, the term, and the interest rate the lender charges.