Do you know what a house loan is?
A mortgage is a financial instrument that facilitates the purchase of real estate, commonly a house. It is a contract recognized by law between someone borrowing money and a lending institution, typically a bank or a banking entity, in which the lender provides funds to the borrower to acquire real estate. In return, the borrower agrees to repay the loan over an agreed-upon duration, commonly 15 to 30 years, as well as 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 take 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 agreement terms, interest rates, and eligibility criteria, making it important for borrowers to select the one 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 most suitable one, making the process of getting a loan simpler.
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