Mortgage Information

Mortgage loans – A debt instrument that is secured by the collateral of specified real estate property and that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large purchases of real estate without paying the entire value of the purchase up front.

The United States is the first country in the world to offer standardized mortgages so every citizen has the opportunity to own a home. Simple process but it is not automatic – it requires a job and stability, assets that can be used as equity and reserves, a good credit history and a willingness to provide verifiable information to a lender to obtain a loan.

Mortgage lenders have been through a major cleansing in the past several years. For good reason, there was almost no oversight and loan products were abundant and inviting for manipulation. Those lenders that have survived the cut, as it were, are proactive, disciplined and accountable. They are competitive on rates and terms and the good ones have embraced the changes with enthusiasm and resolve.

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