Applying for a mortgage can be a complicated process.  Selecting a good mortgage banker or broker can make all the difference.  We have developed relationships with highly competent and honest lenders that you can trust.  Please contact us and we would be happy to refer you to a lender you can depend on.     

How does a mortgage work?  Generally speaking, a mortgage is a pledge of real estate as collateral to secure a loan.  The loan funds are used to purchase or refinance the property that is being pledged as the collateral.

Though there are many variety of loans, they tend to fall into two basic categories; fixed mortgages and adjustable rate mortgages. A fixed mortgage is a loan where the loan payment is fixed and does not change over time.  Adjustable rate mortgage have terms that allow the payment to change over time.  Adjustable rate mortgages tend to have slightly lower interest rates since the borrower is accepting the risk that the interest rate could change over time.  Typical loan periods are 15 or 30 years.  A shorter loan period will have a larger mortgage payment, but will result in the loan being paid off more quickly and less interest being paid over the life of the loan.

Which loan is right for you is something that only a competent and honest loan originator can help you to decide.   For a much greater depth of information check out our Mortgage 101 library.