Unless you have enough cash money to pay for a house, you'll need a mortgage loan. A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan. A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.

It is also a legal contract stating that you promise to make a monthly payment until your loan is paid off.

Today, there are hundreds of different programs to choose from, but don't let that overwhelm you. Most of the home loans are variations of a fixed-rate mortgage and adjustable-rate mortgage. Knowledge of how these mortgage programs work will help you to understand the majority of available loan options. You may qualify for a new loan without even selling your current home. It's simple to run the numbers for yourself on our Mortgage Calculator. There are many loan options available in today's market. Please review your options in the next sections.

To learn more, contact one of our knowledgeable ASSOCIATES or email us at BUYINGINFO@SBAREALTY.US We look forward to partner up in servicing your real estate needs.