Do you know what a home loan is?
A mortgage is a financial instrument that enables the buying of property, commonly a home. It is a legally binding agreement between an individual seeking a loan and a lender, commonly a bank or a financial institution, in which the lender provides funds to the borrower to purchase a property. In return, the borrower agrees to repay the loan over an agreed-upon duration, frequently 15 to 30 years, along 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 take the property through a procedure 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 agreement terms, interest rates, and eligibility criteria, making it essential for borrowers to pick the one that aligns best with their economic circumstances and goals.
Wave Lending Group in Puyallup informs people about the different types of mortgage loans and then helps them choose the best option, making the process of getting a loan more convenient.
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