When you are ready to start selecting properties, talk with your real estate agent about your mortgage. Your agent will work with you and your loan officer to make sure you obtain a pre-approval for your mortgage before you start selecting properties. That way you will know exactly what to look for, and what to avoid. Many buyers fail to realize that the “house” may need to “qualify” for the loan as well as the buyer.
A mortgage occurs when an owner pledges his or her interest (right to the property) as security or collateral for a loan. Therefore, a mortgage is an encumbrance (limitation) on the right to the property just as an easement would be, but because most mortgages occur as a condition for new loan money, the word mortgage has become the generic term for a loan secured by such real property.
Please use our handy mortgage calculator to help you determine the best mortgage for you and your family.