For Most People, It’s Impossible to Buy a Home Without a Mortgage
A Mortgage is a Cost Effective Way of Borrowing Because the Loan is Secured Against the Property You Are Purchasing
Most mortgages are on a repayment basis which means you repay part of the capital and the interest every month. At the end of the term, which is normally between 25 or 30 years, your mortgage debt will have been totally repaid.
Getting Pre-Qualified
Getting pre-qualified is the initial step in the mortgage process. You supply your overall financial picture, including your debt, income and assets. After evaluation, a lender can give you an idea of the mortgage amount for which you qualify.
What Type of Mortgage Loan is Right for You?
When you are shopping for a mortgage, there are several different types of loans you can choose from. You’ll want to look at several factors including loan type, length of the mortgage, interest rate and the other terms. It is important to carefully consider your options and make a well informed decision.