Do you know what a mortgage loan is?
A mortgage is a financial instrument that facilitates the acquisition of real estate, typically a home. It is a lawful and binding contract 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 purchase real estate. In return, the borrower agrees to pay back the loan over an agreed-upon duration, commonly 15-30 years, along with interest.
Mortgages are secured loans, which means 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 process 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 agreement terms, interest rates, and eligibility criteria, making it important for borrowers to select the type that aligns best with their economic circumstances and goals.
Wave Lending Group in Puyallup informs people about the various types of mortgage loans and then supports them in picking the right one, making the loan process simpler.
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