Mortgage 101
Posted by Ken Richter on
Owning a home is no small feat. Why? Because they are a major financial investment. One of the main things to understand about owning a property is that you will likely start paying a mortgage.
So, what is a mortgage? A mortgage is the money you pay a creditor over time in exchange for them lending you all of that money upfront to pay for your property of choice. Essentially, it is a loan you take out to finance the purchase of a property. Depending on your unique situation, the creditor (typically a bank) will determine how much money they are comfortable lending you based on things like your job, credit score, assets, etc.. Finding out how much money the bank is willing to give you usually directly determines how much money you can spend on a…
937 Views, 0 Comments