for a mortgage can be a complicated process. Selecting a good
mortgage banker or broker can make all the difference. We have
developed relationships with highly competent and honest lenders
that you can trust. Please contact us
and we would be happy to refer you to a lender you can depend
How does a mortgage work? Generally
speaking, a mortgage is a pledge of real estate as collateral to
secure a loan. The loan funds are used to purchase or refinance
the property that is being pledged as the collateral.
Though there are many variety of loans, they tend
to fall into two basic categories; fixed mortgages and adjustable
rate mortgages. A fixed mortgage is a loan where the loan payment is
fixed and does not change over time. Adjustable rate mortgage
have terms that allow the payment to change over time.
Adjustable rate mortgages tend to have slightly lower interest rates
since the borrower is accepting the risk that the interest rate
could change over time. Typical loan periods are 15 or 30
years. A shorter loan period will have a larger mortgage
payment, but will result in the loan being paid off more quickly and
less interest being paid over the life of the loan.
Which loan is right for you is something that only
a competent and honest loan originator can help you to
decide. For a much greater depth of information check
out our Mortgage