What Is A Mortgage? Loan Basics For Beginners
Studies show that 85% of first-time buyers purchase a mortgage to finance their home.
Have you ever purchased a home? What questions do you have about mortgages? Do you know what loans you will qualify for?
Having a better understanding of mortgages and loans can help you in the buying process for a home in the future.
Keep reading to learn more about what a mortgage is and how to get a loan:
What Is a Mortgage?
How Do I Get a Mortgage Home Loan?
Qualify. This is an important word to note because most mortgage loans require a certain qualification in order to give the loan.
Conventional loans typically require a particular credit score to qualify for the loan. Other loans, like a jumbo loan, typically are used for people with high income that can put down a large down payment and have excellent credit scores.
The rate of the loan is important to the total amount that you will pay long-term. You can choose between a fixed-rate loan that stays at the same rate or an adjustable-rate loan that will fluctuate with the market.