Do you know what a mortgage loan is?
A mortgage is a financial instrument that makes possible the acquisition of real estate, usually a residence. It is a lawful and binding contract between a borrower and a lender, typically a bank or a financial institution, in which the lender provides funds to the borrower to acquire real estate. In return, the borrower agrees to repay the loan over a specified period, commonly 15 to 30 years, together with interest.
Mortgages are secured loans, meaning the property itself serves as collateral. If the borrower fails to make the predetermined payments, the lender has the legal right to claim ownership of the property through an established process known as foreclosure.
Mortgages come in various types, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), and government-backed loans like FHA and VA loans. Each type has its conditions and terms, interest rates, and eligibility criteria, making it crucial for borrowers to choose the type that aligns best with their financial situation and goals.
Wave Lending Group in Puyallup informs people about the various types of mortgage loans and then assists them in selecting the best option, making loan application simpler.
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