{"id":5640,"date":"2019-02-26T23:42:24","date_gmt":"2019-02-27T07:42:24","guid":{"rendered":"https:\/\/financer.com\/?page_id=5640"},"modified":"2024-09-04T05:29:14","modified_gmt":"2024-09-04T12:29:14","slug":"mortgage","status":"publish","type":"page","link":"https:\/\/financer.com\/loans\/mortgage\/","title":{"rendered":"Mortgages"},"content":{"rendered":"\n

Find Your Mortgage with Financer.com<\/h2>\n\n\n\n

Financer.com helps you compare the best mortgage loans in the U.S. and get the lowest loan rates from leading U.S. lenders.<\/p>\n\n\n\n

We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.<\/p>\n\n\n\n

How to Apply for a Mortgage<\/h3>\n\n\n\n
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  1. Determine your loan amount:<\/strong>\u00a0Consider the loan amount required for your mortgage<\/li>\n\n\n\n
  2. Compare lenders:<\/strong>\u00a0Compare lenders side-by-side with Financer.com<\/li>\n\n\n\n
  3. Choose an offer:<\/strong>\u00a0Find the best mortgage loan for your specific needs<\/li>\n\n\n\n
  4. Complete the application:<\/strong>\u00a0Get started by completing a pre-qualification and checking your rate online.<\/li>\n<\/ol>\n\n\n

    Compare Mortgage Loans for October 2024<\/h2>\n
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    \n \n \n \n \n
    \n \n Company <\/span>\n <\/th>\n \n \n Overall Rating <\/span>\n <\/th>\n \n \n Min. Credit Score<\/span><\/th> \n Loan Amount<\/span><\/th> \n Fixed Rate Terms<\/span><\/th> \n Adjustable Rate Terms<\/span><\/th> \n Min. Down Payment<\/span><\/th> \n Loan Types<\/span><\/th> \n Days to Close<\/span><\/th> \n \n Apply Now <\/span>\n <\/th>\n <\/tr>\n <\/thead>\n
    \n recommended<\/span>\n \n \"Figure\"\n <\/a><\/td>\n 4.7<\/span><\/a><\/td>\n 620<\/span><\/td>\n Up to $2 million<\/span><\/td>\n 10 year, 15 year, 30 year<\/span><\/td>\n – <\/span><\/td>\n 3%<\/span><\/td>\n Jumbo<\/span><\/td>\n 5 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Rocket\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Up to $2.5 million<\/span><\/td>\n Customizable (8-30 years)<\/span><\/td>\n 5\/1, 7\/1, 10\/1<\/span><\/td>\n 0%-3.5%<\/span><\/td>\n Conventional, FHA, VA, Jumbo, Fixed-Rate… Show more<\/span>
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    <\/div>Conventional, FHA, VA, Jumbo, Fixed-Rate, Refinance Show less<\/span><\/div><\/span><\/td>
    		\n 30 – 45 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Wells\n <\/a><\/td>\n 4.5<\/span><\/a><\/td>\n 620<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 20 year, 30 year<\/span><\/td>\n – <\/span><\/td>\n – <\/span><\/td>\n Fixed Rate, ARM, Jumbo, FHA, VA<\/span><\/td>\n 30 days and 120 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Guaranteed\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 600<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, FHA, VA, USDA, Jumbo, Fixe… Show more<\/span>
    \n
    <\/div>Conventional, FHA, VA, USDA, Jumbo, Fixed-Rate Show less<\/span><\/div><\/span><\/td>
    		\n 21 to 30 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    – <\/td>\n N\/A<\/span><\/a><\/td>\n 620<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 20 year, 30 year<\/span><\/td>\n 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, Jumbo<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n recommended<\/span>\n \n \"SoFi\"\n <\/a><\/td>\n 4.6<\/span><\/a><\/td>\n 620<\/span><\/td>\n Not disclosed<\/span><\/td>\n 10 year, 15 year, 20 year, 30 year<\/span><\/td>\n None<\/span><\/td>\n 10%<\/span><\/td>\n Conventional, Jumbo, Fixed-Rate, ARM, Re… Show more<\/span>
    \n
    <\/div>Conventional, Jumbo, Fixed-Rate, ARM, Refinancing Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Alterra\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 1\/5, 7\/1<\/span><\/td>\n 0% – 3.5%<\/span><\/td>\n Conventional, FHA, VA, USDA, Jumbo<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Axos\"\n <\/a><\/td>\n 5.0<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 10 year, 15 year, 20 year, 30 year<\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, FHA, VA, USDA, Jumbo, Inte… Show more<\/span>
    \n
    <\/div>Conventional, FHA, VA, USDA, Jumbo, Interest Only Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"New\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n Customizable (8-30 years)<\/span><\/td>\n 5\/1, 7\/1, 10\/1<\/span><\/td>\n 0%-3.5%<\/span><\/td>\n Conventional, FHA, VA<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Navy\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 1\/1, 3\/1, 5\/1, 3\/5, 5\/5<\/span><\/td>\n 0%<\/span><\/td>\n Conventional, FHA, VA, Jumbo, Interest O… Show more<\/span>
    \n
    <\/div>Conventional, FHA, VA, Jumbo, Interest Only Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Connexus\"\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 640<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 20 year, 30 year<\/span><\/td>\n 5\/1, 7\/1\/ 10\/1, 3\/3, 7\/3, 10\/3<\/span><\/td>\n 3%<\/span><\/td>\n Purchase, Refinance, Home Equity, Jumbo,… Show more<\/span>
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    <\/div>Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable Show less<\/span><\/div><\/span><\/td>
    		\n 30 to 60 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    – <\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n – <\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Purchase, Refinance, Jumbo, Fixed, Adjus… Show more<\/span>
    \n
    <\/div>Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    – <\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 3 year, 15 year, 20 year<\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, FHA, VA, ASDA, Jumbo<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Citi\"\n <\/a><\/td>\n 4.5<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, FHA, VA, Jumbo<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Lendumo\"\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 620<\/span><\/td>\n – <\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 5\/1<\/span><\/td>\n 3.5%<\/span><\/td>\n Conventional, Jumbo, FHA, VA, USDA, Home… Show more<\/span>
    \n
    <\/div>Conventional, Jumbo, FHA, VA, USDA, Home Equity\/HELOC, Refinance Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"LoanDepot\"\n <\/a><\/td>\n 5.0<\/span><\/a><\/td>\n 620<\/span><\/td>\n Up to $2 million<\/span><\/td>\n 10 year, 15 year, 20 year, 30 year<\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3.5%<\/span><\/td>\n Fixed-rate, ARM, VA, FHA<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"New\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 620<\/span><\/td>\n – <\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n – <\/span><\/td>\n 3%<\/span><\/td>\n Purchase, Refinance, Home Equity, Revers… Show more<\/span>
    \n
    <\/div>Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr> <\/tbody>\n <\/table>\n <\/div>\n \n \n \n \n
    \n \n Company <\/span>\n <\/th>\n \n \n Overall Rating <\/span>\n <\/th>\n \n Min. Credit Score<\/span><\/th> \n Loan Amount<\/span><\/th> \n Fixed Rate Terms<\/span><\/th> \n Adjustable Rate Terms<\/span><\/th> \n Min. Down Payment<\/span><\/th> \n Loan Types<\/span><\/th> \n Days to Close<\/span><\/th> Get Started <\/th>\n <\/tr>\n <\/thead>\n
    \n recommended<\/span>\n \n \"Figure\"\n <\/a><\/td>\n 4.7<\/span><\/a><\/td>\n 620<\/span><\/td>\n Up to $2 million<\/span><\/td>\n 10 year, 15 year, 30 year<\/span><\/td>\n – <\/span><\/td>\n 3%<\/span><\/td>\n Jumbo<\/span><\/td>\n 5 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Rocket\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Up to $2.5 million<\/span><\/td>\n Customizable (8-30 years)<\/span><\/td>\n 5\/1, 7\/1, 10\/1<\/span><\/td>\n 0%-3.5%<\/span><\/td>\n Conventional, FHA, VA, Jumbo, Fixed-Rate… Show more<\/span>
    \n
    <\/div>Conventional, FHA, VA, Jumbo, Fixed-Rate, Refinance Show less<\/span><\/div><\/span><\/td>
    		\n 30 – 45 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Wells\n <\/a><\/td>\n 4.5<\/span><\/a><\/td>\n 620<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 20 year, 30 year<\/span><\/td>\n – <\/span><\/td>\n – <\/span><\/td>\n Fixed Rate, ARM, Jumbo, FHA, VA<\/span><\/td>\n 30 days and 120 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Guaranteed\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 600<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, FHA, VA, USDA, Jumbo, Fixe… Show more<\/span>
    \n
    <\/div>Conventional, FHA, VA, USDA, Jumbo, Fixed-Rate Show less<\/span><\/div><\/span><\/td>
    		\n 21 to 30 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    – <\/td>\n N\/A<\/span><\/a><\/td>\n 620<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 20 year, 30 year<\/span><\/td>\n 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, Jumbo<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n recommended<\/span>\n \n \"SoFi\"\n <\/a><\/td>\n 4.6<\/span><\/a><\/td>\n 620<\/span><\/td>\n Not disclosed<\/span><\/td>\n 10 year, 15 year, 20 year, 30 year<\/span><\/td>\n None<\/span><\/td>\n 10%<\/span><\/td>\n Conventional, Jumbo, Fixed-Rate, ARM, Re… Show more<\/span>
    \n
    <\/div>Conventional, Jumbo, Fixed-Rate, ARM, Refinancing Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Alterra\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 1\/5, 7\/1<\/span><\/td>\n 0% – 3.5%<\/span><\/td>\n Conventional, FHA, VA, USDA, Jumbo<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Axos\"\n <\/a><\/td>\n 5.0<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 10 year, 15 year, 20 year, 30 year<\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, FHA, VA, USDA, Jumbo, Inte… Show more<\/span>
    \n
    <\/div>Conventional, FHA, VA, USDA, Jumbo, Interest Only Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"New\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n Customizable (8-30 years)<\/span><\/td>\n 5\/1, 7\/1, 10\/1<\/span><\/td>\n 0%-3.5%<\/span><\/td>\n Conventional, FHA, VA<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Navy\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 1\/1, 3\/1, 5\/1, 3\/5, 5\/5<\/span><\/td>\n 0%<\/span><\/td>\n Conventional, FHA, VA, Jumbo, Interest O… Show more<\/span>
    \n
    <\/div>Conventional, FHA, VA, Jumbo, Interest Only Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Connexus\"\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 640<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 20 year, 30 year<\/span><\/td>\n 5\/1, 7\/1\/ 10\/1, 3\/3, 7\/3, 10\/3<\/span><\/td>\n 3%<\/span><\/td>\n Purchase, Refinance, Home Equity, Jumbo,… Show more<\/span>
    \n
    <\/div>Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable Show less<\/span><\/div><\/span><\/td>
    		\n 30 to 60 days<\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    – <\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n – <\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Purchase, Refinance, Jumbo, Fixed, Adjus… Show more<\/span>
    \n
    <\/div>Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    – <\/td>\n N\/A<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 3 year, 15 year, 20 year<\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, FHA, VA, ASDA, Jumbo<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Citi\"\n <\/a><\/td>\n 4.5<\/span><\/a><\/td>\n 580<\/span><\/td>\n Not disclosed<\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3%<\/span><\/td>\n Conventional, FHA, VA, Jumbo<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"Lendumo\"\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 620<\/span><\/td>\n – <\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n 5\/1<\/span><\/td>\n 3.5%<\/span><\/td>\n Conventional, Jumbo, FHA, VA, USDA, Home… Show more<\/span>
    \n
    <\/div>Conventional, Jumbo, FHA, VA, USDA, Home Equity\/HELOC, Refinance Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"LoanDepot\"\n <\/a><\/td>\n 5.0<\/span><\/a><\/td>\n 620<\/span><\/td>\n Up to $2 million<\/span><\/td>\n 10 year, 15 year, 20 year, 30 year<\/span><\/td>\n 3\/1, 5\/1, 7\/1, 10\/1<\/span><\/td>\n 3.5%<\/span><\/td>\n Fixed-rate, ARM, VA, FHA<\/span><\/td>\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr>
    \n \n \n \"New\n <\/a><\/td>\n N\/A<\/span><\/a><\/td>\n 620<\/span><\/td>\n – <\/span><\/td>\n 15 year, 30 year<\/span><\/td>\n – <\/span><\/td>\n 3%<\/span><\/td>\n Purchase, Refinance, Home Equity, Revers… Show more<\/span>
    \n
    <\/div>Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA Show less<\/span><\/div><\/span><\/td>
    		\n – <\/span><\/td>\n Apply Now<\/a><\/td><\/tr> <\/tbody>\n <\/table>\n <\/div>\n <\/div>\n\n \n\n\n\t\t

    Compare loans from 79 lenders<\/h3>

    Find the cheapest rate with one click<\/p>

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    \n \n <\/div>\n<\/div>
    Compare Offers<\/a><\/div>\t\t<\/div>

    What Is a Mortgage Loan?<\/h2>\n\n\n\n

    A mortgage loan is a home loan provided by a bank, mortgage firm, or other financial institution for the purchase of a house\u2014either a primary residence, a secondary residence, or an investment residence.<\/p>\n\n\n\n

    In a home mortgage, the owner of the property (the borrower) transfers ownership to the lender on the condition that the title is returned to the owner after the final loan payment is made and all terms of the mortgage are met.<\/p>\n\n\n\n

    Popular mortgage lenders that offer online applications include SoFi<\/a> and Axos Bank.<\/strong><\/p>\n\n\n

    Questions about mortgages<\/h3>

    Why do you need a mortgage loan?<\/h4>

    The cost of a home is often much greater than the amount of money saved by the majority of households. As a result, mortgages allow individuals and families to buy a home with a relatively small down payment (e.g., 20%) and a loan for the balance.<\/p>

    In the event that the borrower defaults, the loan is secured by the value of the land.<\/p><\/div>

    Can anybody get a mortgage?<\/h4>

    Mortgage lenders would have to approve prospective borrowers through an application and underwriting method. Home loans would only be made available to those who have enough assets and income compared to their obligations to carry the value of a home over time.<\/p>

    When deciding whether or not to extend a mortgage, one’s credit score would be considered. The mortgage interest rate would also vary, with riskier borrowers getting higher rates.<\/p><\/div>

    What does a fixed vs variable mortgage mean?<\/h4>

    Many mortgages have a fixed interest rate, which means that they will not adjust for the duration of the loan (typically 30 or 15 years), regardless of whether interest rates rise or fall in the future.<\/p>

    A variable, or adjustable-rate mortgage (ARM), on the other hand, has an interest rate that varies over the life of the loan depending on what interest rates are doing.<\/p><\/div>

    How many mortgages can I have?<\/h4>

    In most cases, lenders would issue a first mortgage, known as a primary mortgage, and then allow for a second mortgage, known as a home equity loan. Most lenders would not allow a subsequent mortgage to be secured by the same house.<\/p><\/div><\/div>\n\n\n

    Should You Buy a Home with Cash?<\/h2>\n\n\n\n

    A home mortgage is one of the most popular and also one of the most recommended types of debt.<\/p>\n\n\n\n

    Home loans have lower interest rates than almost any other type of loan an individual borrower might find since they are secured debt\u2014there is an asset (the residence) that serves as collateral for the loan.<\/p>\n\n\n\n

    \n

    A home mortgage is a loan made by a bank, mortgage firm, or other financial institution to finance the purchase of a home.<\/p>\n<\/blockquote>\n\n\n\n

    A home mortgage would have either a fixed or adjustable interest rate and a term of three to thirty years.<\/p>\n\n\n\n

    When the mortgage is paid off, the lender holds the title to the land, which it transfers to the borrower.<\/p>\n\n\n\n

    How a Home Mortgage Works<\/h2>\n\n\n\n

    Because the entire purchase price of the house does not have to be provided upfront, home mortgages allow a much broader community of people to own real estate.<\/p>\n\n\n\n

    However, since the lender still owns the title to the house for the duration of the mortgage, it has the power to foreclose (seize it from the homeowner and sell it on the open market) if the borrower is unable to afford the payments.<\/p>\n\n\n\n