To get prequalified for a mortgage, you must meet with potential lenders to discuss your finances, job history and the property you are interested in purchasing. A lender or mortgage broker reviews the information you pr... More » Business & Finance Credit & Lending

To get pre-approved for a mortgage, potential borrowers must contact a bank or lending institution and complete an application process. The prequalification process assesses a person or couple's debt-to-income ratio base... More » Business & Finance Credit & Lending

A homeowner gets a second mortgage from the same company that provided him with his first mortgage, or he goes with another lender, notes Zillow. It's best that borrowers get quotes from various lenders and compare fees ... More » Business & Finance Credit & Lending

An equitable mortgage is a legal document secured by the lender using the original title documents of the property as security when the mortgage documentation was not property completed. If the mortgage is unpaid, the le... More » Business & Finance Credit & Lending

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, intere... More » Business & Finance Credit & Lending

A leasehold mortgage is a type of mortgage designed to financially help a person leasing a property, as stated by Pepper Hamilton law firm. This type of mortgage is often used for commercial properties. More » Business & Finance Credit & Lending

A mortgage is a loan from a financial institution taken out for the purpose of buying a property. Each month, some of the mortgage payment goes to paying off the principal and some to interest. More »