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Mortgage
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Home Purchase, Mortgage Basics
With interest rates remaining at historically low rates, there still isn't a better time to qualify for a new home mortgage. No money down, 100% financing programs available. Receive competitive bids for your business through our extended Network of mortgage lenders.Request a free no-obligation quote from a home loan specialist now.
mortgage loan Definition:
A loan to finance the purchase of real estate, usually with specified payment periods and interest rates. The borrower (mortgagor) gives the lender (mortgagee) a lien on the property as collateral for the loan. The mortgagor's lien on the property expires when the mortgage is paid off in full.
Qualifying for a home loan
When considering your application, lenders look at factors such as your ability and willingness to repay them.
Your ability to repay is verified by your current employment and total income.
Your willingness to repay is closely related to how you've fulfilled previous financial commitments. This is why lenders place such an emphasis on your credit report. It is important to remember that there are no rules carved in stone. Applications are handled on a case-by-case basis. So even if you come up a little short in one area, perhaps one of your stronger points will make up for the weak one.
Low down payment mortgages
Even if you do not have a lot of money to use as a down payment, you still may be able to purchase a home. More and more borrowers are taking advantage of low down payment mortgages and becoming homeowners with as little as five percent down. With these loans, however, you may be required to carry private mortgage insurance (PMI).
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