Mortgages
A Mortgage is a legal document that pledges a property to the lender as security for the payment of a loan or debt.
There are several types of mortgages that borrowers encounter when deciding
to obtain financing for the purchase of a real property or to refinance a
mortgage they currently have on their properties. Some of these are
conventional uninsured, conventional insured, FHA, VA, and ARMS. If you
are unsure of the difference between these types of loans, you can
consult Real Estate Attorney Ingrid Santamaria.
Lenders look at many
factors to determine a borrowers creditworthiness, such as income, source of
income, credit score, debt to income ratios, and loan to value of the
property. Before you decide to purchase a home, you should contact a
lender to determine the loan amount that the lender will pre-approve you
for.
If you have any questions regarding Mortgages or would like to
find a Mortgage Lender, please do not hesitate to contact our office so that we
may clarify any of your concerns or put you in contact with a reputable Mortgage
Lender or Broker.