What is a mortgage? Let me find a very specific definition of a mortgage via internet, where most likely where we search a word definition every day.
According to Zillow website a mortgage is a loan that a bank or mortgage lender gives you to help finance the purchase of a house. It is most advantageous to borrow approximately 80% of the value of the house or less. The house you buy acts as collateral in exchange for the money you are borrowing to finance the mortgage for a house. A mortgage payment is composed of four parts: principal, interest, taxes and insurance. It is normally paid on a monthly basis. On my own opinion, a mortgage is a type of loan that a home buyer usually applied for in order to get the property they want. Having a pre-approval letter from a financial institution gives securement to the seller of the property. It gives security that a buyer can buy the property by means of mortgage which usually in a monthly basis.
A typical home buyer and want to be – home buyer , usually seek advises to various financial institution in the state for the to think about what’s the best mortgage deal they can have that in long term, they will be benefited from the property.
The process of getting a mortgage is not that easy.
First you have to conduct a canvassing to various financial institutions such as Government Financial Institutions, different Banks and other parties that offer a loan or mortgage for purchasing a property. The reason is that you can get ideas from various Financial Institutions and you will have the luxury and options to choose where you will get a mortgage/ loan for the property that you are dreaming to have.
Second, after collecting information from different financial institutions, you may now, tabulate that information and choose what the best from the best. The reason for this tabulation is to track and compare different figures and rates including terms and condition. Choosing the best lender or financial institution that will cater your loan feels like your secure and on the right track of getting your dream home.
Lastly, after you chosen the lucky lender or financial institution, remember to always ask or bargain for a lowest rates, fees and interest. The reason is that, a good lender is willing to help you out on your financial liabilities and not to put you in a deepest hollow of debts you could ever imagine.
To those future home owners who is currently finding the right guy ( financial advisers ) to explain the pros and cons , advantage and disadvantages , result and somehow after shock on your income , never give up and don’t lose hope , you are half way there. You can never give up on your dreams and maybe even your family’s dream. Purchasing a property, whether income use and personal use, it requires a lot of patience and positive throughout the process or transaction.