A mortgage is essentially a loan, usually given by a bank, to provide individuals and families with funding to secure housing. Mortgages fall into the larger category of financial loans, but are specifically designed for real estate. Mortgages contain several different ...
With a mortgage, a lender issues money to a buyer for a home purchase in exchange for a guarantee of repayment of principal and interest, according to Bankrate. The loan is issued upfront and the borrower repays it with monthly payments for a stated period of time.
To get a quote for a mortgage, check mortgage company rates online or call around to lenders to find the most current information. Be aware that advertised rates can change quickly and may not apply at the time the buyer is ready to put in an application.
A mortgage loan, or simply a mortgage, is a type of loan to finance the purchase of a real estate property, such as a house in a residential mortgage. The property that the borrower purchased will serve as a collateral to secure the loan. The borrower or mortgagor will ...
A second mortgage is a loan that is taken out after a primary mortgage. The second mortgage is also sometimes referred to as a home equity line of credit, or HELOC.
There are three basic mortgage types, according to Bankrate, and they include fixed-rate, adjustable-rate and interest-only jumbo loans. With a fixed-rate loan, the borrower's interest rate remains constant over the 15-, 20- or 30-year loan repayment period. Monthly pay...
An assumable mortgage is a home loan structure that allows a buyer of a property to take over, or assume, the loan held by the seller. At the time of purchase, the buyer simply acquires the principal loan balance, interest rate and repayment period, according to Bankrat...