Do you know what a house loan is?
A mortgage is a financial instrument that makes possible the acquisition of real estate, usually a home. It is a contract recognized by law between someone borrowing money and a lending institution, commonly a bank or a financial institution, in which the lender provides funds to the borrower to acquire a property. In return, the borrower agrees to return the loan over a specified period, commonly 15-30 years, as well as interest.
Mortgages are secured loans, meaning the property itself serves as collateral. If the borrower fails to make the specified payments, the lender has the legal right to claim ownership of the property through a 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. Every type has its agreement terms, interest rates, and eligibility criteria, making it essential for borrowers to choose the one 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 assists them in selecting the right one, making the loan process simpler.
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