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The Definition of Mortgage

Apr 12, 2008
Homeowners who have been through the process know what a mortgage is, but although many people have heard the term all over the media, they don't really understand what it means.

To put it simply, it's a loan where you are using your house as collateral. The difference between this and a normal loan is that your house becomes your backup just in case something happens and you are unable to continue payments.

Mortgages are available in many different varieties to suit your financing needs. The most common mortgage is a 30 year fixed rate mortgage, but adjustable interest rate mortgages are popular as well.

ARMs can be set up with many different sets of terms with a variety of different base interest rate sources.

Commercial loans are also available for financing multi-family properties and these are often considered mortgages as well.

You should educate yourself on different types of mortgages prior to attempting to purchase a home. Learn the pluses and minuses of each type before entering the market.

Do the payments change each month? Should you put a lot of money down before setting up payments. It can be very complicated and stressful for almost anyone due to the sheer number of potential mortgage arrangements.

Many people dream of owning a home. People who didn't get educated prior to applying for a mortgage are suffering in today's marketing. Take some time to learn about mortgages before shopping for one.
About the Author
To get the educatiabout about the mortgage process, call Brenda Puckett with Home America Mortgage. Get the info about about FHA loans.
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