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.