A
mortgage is basically a long-term loan that you arrange
through a financial institution or through the seller
of the property. The house and/or property serve as
collateral for the loan...
Getting the Loan
The
first step in finding a home is figuring out how much you can afford
to spend. This probably means you're going to need to borrow money,
and that is what getting a mortgage is all about...
Your Purchase Power
You
can improve your purchasing power when looking for a home by making
sure you are pre-qualified by a mortgage lender. A mortgage
lender will evaluate a potential homebuyer's credit report...
Time to Refinance
Besides
a lower interest rate, other reasons for refinancing include
converting from an adjustable to a fixed-rate mortgage, or wanting
to build equity sooner by converting to a shorter-term mortgage...
Extra Cash
The
equity in your home grows when you invest money in it-when you
remodel for example-or when your property value increases...
Loan Process
While it is often possible to
complete the transaction in a much shorter
period of time, the
variables of each loan transaction and third
party reliability cannot be pre-determined...
What is PITI?
A
mortgage is basically a long-term loan that you arrange
through a financial institution or through the seller
of the property. The house and/or property serve as
collateral for the loan.