Mortgage Basics

Simply put, a mortgage is a loan secured by real property and paid in installments over a set period of time. The mortgage secures your promise that the money borrowed for your home will be repaid.

According to Wikipedia

A mortgage loan is a loan secured by real property through the use of a document which evidences the existence of the loan and the encumbrance of that reality through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.

Components of a Mortgage

Mortgage Approval

Qualifying for a mortgage requires meeting a predetermined set of guidelines established by a lender, which may include credit history, income, employment and assets.

In addition to personal qualifying factors, a property must also meet certain standards set by lenders before a borrower can obtain a mortgage loan secured by real estate.

Mortgage Payments

PLACE HOLDER TEXT – This is the portion that goes towards paying down your balance. An Amortization Schedulewill break down the exact amount of each payment that is being applied to the principal and interest.

Mortgage Programs

This is the portion that goes towards paying down your balance. An Amortization Schedulewill break down the exact amount of each payment that is being applied to the principal and interest.

Closing Costs / Fees

This is the portion that goes towards paying down your balance. An Amortization Schedulewill break down the exact amount of each payment that is being applied to the principal and interest.

Mortgage Rates

This is the portion that goes towards paying down your balance. An Amortization Schedulewill break down the exact amount of each payment that is being applied to the principal and interest.