Do you know what a mortgage loan is?
A mortgage is a financial instrument that makes possible the buying of real estate, commonly a house. It is a contract recognized by law between someone borrowing money and a lender, commonly a bank or a financial institution, in which the lender provides funds to the borrower to buy a property. In return, the borrower agrees to pay back the loan over a specified period, often 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 agreed-upon payments, the lender has the legal right to take possession of the property through a procedure 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. Every type has its agreement terms, interest rates, and eligibility criteria, making it important for borrowers to pick 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 more convenient.
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