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A mortgage is a loan from a lender that gives borrowers the money they need to buy or refinance a home. The borrower agrees to pay back the lender with monthly mortgage payments that include principal, interest and other fees. Mortgages are secured loans, and secured loans are backed by collateral.
Just getting started with mortgages? Here's our complete guide to mortgages and home loans including what a mortgage is, how refinancing works, mortgage calculators, and more.
Here's a breakdown of what a mortgage is, how a mortgage works, and the most important things to know before shopping for one. A mortgage is essentially a loan specifically designed for the purpose of purchasing real estate. When you take out a mortgage, a lender provides you with the money you need to buy a home.
Learn the mortgage basics, including what a mortgage is, typical types of loans, and the concept of shopping for a lender.
Understanding Home Loan Basics Before You Buy. The path to securing a mortgage can be confusing. Knowing the ins and outs of terms like equity, interest, and principal can help you better understand home loans. Set yourself up for success.
1. Make sure you're ready. 2. Get your finances in order. 3. Make a plan for the down payment. 4. Create a wish list. 5. Find the right mortgage for you. 6. Get preapproved for a mortgage. 7....
What is a mortgage? Basics for first-time home buyers. What is a lender? Mortgage lenders explained. What does a mortgage loan originator do? Important Mortgage Definitions. Plain English guide...
A mortgage is a loan used to buy a home. Mortgages let you borrow a large amount of money — often hundreds of thousands of dollars — and pay it back at a low interest rate over a long time. The...
Everything you can learn about mortgages will help you make the best decision for your unique situation when you are ready to purchase a home. It’s important to understand the different types of home loans, the steps involved in the mortgage process, and the various costs that might be involved.
1. What is a mortgage? A mortgage is a loan specifically designed for purchasing a property, commonly a home. It acts as a financial agreement between the borrower and the lender, where the property serves as collateral.