Do you know what a mortgage loan is?
A mortgage is a financial instrument that makes possible the purchase of real estate, commonly a residence. It is a contract recognized by law between someone borrowing money and a lending institution, commonly a bank or a banking entity, in which the lender provides funds to the borrower to purchase real estate. In return, the borrower agrees to return the loan over a specified period, frequently 15-30 years, as well as interest.
Mortgages are secured loans, which means the property itself serves as collateral. If the borrower fails to make the agreed-upon payments, the lender has the legal right to claim ownership of the property through an established process known as foreclosure.
Mortgages come in different types, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), and government-backed loans like FHA and VA loans. Each type has its terms and conditions, interest rates, and eligibility criteria, making it essential for borrowers to pick the type that aligns best with their financial condition and goals.
Wave Lending Group in Puyallup informs people about the various types of mortgage loans and then supports them in picking the best option, making the process of getting a loan more convenient.
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