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Mortgage Loans: The Basics
Loan & Credit FactsMost Americans have a few key points in their life that they work toward and look forward to. They can't way to graduate school, get a good job, get married, and get a family.
They also can't wait to get their own home; something that works well for their new family.
If you want your own new home, you'll first need to get a mortgage loan. Mortgage loans can be a bit complicated at first, especially when so many aspects of them vary between the different lenders.
Still, there are basics that are universal with nearly all of them.
A mortgage loan is a loan that you get from a bank or lending company. The money for this loan goes toward the purchase of property, either commercial or residential. Since most houses can cost anywhere from $100,000 to $1,000,000, most people won't be able to buy it with cash up front.
Instead, they have to use mortgage loans in order to pay for it. Once you do, you are then indebted to the bank that gave you that loan. You are then required to pay it off over a certain period of time, including the interest you'll own on the home.
All mortgage loans have four things in common: interest, terms, payment amount and frequency, and prepayment.
Prepayment is the amount of money that you have to pay as a down payment on the home. This usually consists of a percentage of the full loan payment, usually around 5%. Therefore, if you purchased a $150,000 house, you would need to pay $7,500 up front.
Then there's the interest. The amount of interest you pay on your home varies quite a bit depending on the bank, your own credit, and the type of loan you choose. This is essentially your fee for taking out the loan, and you pay it over time.
Mortgage loans also have a term when it comes to how long the loan is for. Generally, you can repay the loan for thirty years. This is how they determine your monthly payments.
For example, on a $150,000, you would pay around $417 each month for 30 years in order to pay it off. You can also get shorter terms if you can afford the higher payment.
Although there are aspects that most mortgage loans have in common, it really depends on which bank or mortgage company you work with.
For best results, you should visit and compare at least five different banks. Then, compare their interest rates, terms, payment amount and frequency, and prepayment.
This will help you find the best bank and loan product, which can potentially save you a lot of money over the years.
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