What Is A Mortgage?
The original phrase “mort gage” translates as “death pledge”! But as this video explains, a mortgage is a loan obtained to purchase real estate.
The "mortgage" itself is a lien - a legal claim on the home or property that secures the promise to pay the debt.
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What Is Loan To Value (LTV) And How Does It Affect The Size Of My Loan?
While this video simplifies things to help you remember, the loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing.
Each loan has a specific LTV limit. For example: With a 75% LTV loan on a... read more
What Types Of Mortgage Loans Are Available?
This video tells you about the most common types: Fixed Rate, ARM, Balloon and 2-Step.
First, Fixed Rate Mortgages: Payments remain the same for the life of the loan generally 15 years or 30 years. Interest rates remain the same, so payments are predictable.
A s... read more