Mortgages: What You Need to Know
Basic Mortgage Information
What exactly is a mortgage?
If you borrow money from the bank so you can purchase a home, the mortgage is the written contract that says you promise to pay back the money. This also means that if you don’t pay back the money in the allotted time (usually 15 - 30 years), you may forfeit your ownership of the home.
Why do I need one?
Not everyone needs a mortgage. If you have enough money in cash to buy the home outright or you can borrow the money from someone other than a financial institution, you do not need a mortgage. But if you’re like most people, especially most first-time home buyers, you will have to take out a mortgage if you want to buy a home.
Where can I get one?
Commercial banks, credit unions, saving associations, and mortgage loan companies can all offer loans to homebuyers. Before choosing a lender make sure to talk to your real estate agent. They may know of a lender that most of their clients have used successfully. You can also ask friends and family for referrals.
Keep scrolling beyond the form below for more information on mortgages, including information on the different types of mortgage loans, the different available assistance programs and information for buyers with special circumstances.
More on Mortgages
If you’re ready to start the home-buying process and would like us to help you find a lender that can get you pre-approved, fill out the form below. Even if you’re not ready to start the home-buying process just yet but you’d like some more information, fill out the form and we’ll do our best to assist you.
Available Loan Options
Types of Mortgage Loans - There is no one type fits all loan so there are many types of mortgage loans for homebuyers in all walks of life. Click for information on the different type of mortgage loans including conventional, FHA, VA, USDA and more.
Home Loan Programs - First time (and second time) home buyers, veterans, and many others may qualify for mortgages that can be adjusted to meet their needs. Click for information on the types of assistance programs available.
Buyers with Special Circumstances
My credit isn’t that great. Does that mean I can’t buy a house? - You don't have to have a perfect credit score to qualify for a home mortgage loan. Though there'll be some give and take, there are lenders out there that will work with you.
I’m not a US citizen. Can I still qualify for a mortgage loan? - People from all over the world come to the US to purchase property and there are mortgage loan options available to them.