Do you know what a mortgage loan is?
A mortgage is a financial instrument that makes possible the acquisition of real estate, commonly a home. It is a lawful and binding contract between a borrower and a lender, usually a bank or a banking entity, 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, frequently 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 take the property through a procedure known as foreclosure.
Mortgages come in numerous types, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), and government-backed loans like FHA and VA loans. Every type has its conditions and terms, interest rates, and eligibility criteria, making it crucial for borrowers to pick the one that aligns best with their financial situation and goals.
Wave Lending Group in Puyallup informs people about the different types of mortgage loans and then helps them choose the right one, making loan application easier.
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