Mortgage 101

What is a Mortgage

A mortgage – a loan to finance the purchase of your home – probably the biggest debt you’ll ever have. A mortgage is the sum of several parts – the collateral to secure the loan, your principal and payments, insurance and taxes. More

How to get a Mortgage

Step 1: Finding the Right Mortgage
30 year or 15 year Fixed mortgages are the most common type of mortgages. Another form is the adjustable rate mortgage, they are commonly referred to as ARMS, however, the interest rate on ARMS can vary over the length of the loan. Other types of mortgages offered are assumable loans and seller financing. More

Brokers vs Banks
Mortgage Brokers vs. Mortgage Banks

“An institution or individual that works with a borrower to complete a mortgage transaction. A mortgage originator can be either a mortgage broker or a mortgage banker, and is the original mortgage lender. Mortgage originators are part of the primary mortgage market. “
There are differences between mortgage brokers and mortgage bankers. Simply put, Mortgage brokers work with other financial institutions to bring about the mortgage. Mortgage brokers do not close mortgages in their own names. Mortgage bankers close mortgages with their own funds and close in their own names. More