Robin Allison

Is a mortgage something you need?

A mortgage is a loan used to purchase or maintain property such as a home, land, or any other real estate. The lender agrees to pay the borrower over time. This is typically in regular payments that are divided into principal and interest. The property serves as collateral to secure the loan. Borrowers must apply to their preferred lender in order to get a mortgage. The borrower must also meet minimum credit scores and a down payment requirements. Mortgage applications must be subject to rigorous underwriting before closing. There are two types: conventional and fixed-rate mortgages.