What is a mortgage?
A mortgage is a loan from a financial institution such as Homeowners Financial Group to be used by a borrower to finance the purchase of a property. Mortgages help those with stable income and adequate credit history to purchase a home by bridging the gap between the available down payment and the purchase price of the property. Mortgages called refinances can help you access some of the equity in a property already owned. If renovations or repairs are needed, such as the addition of a new bedroom or upgrading the kitchen, a refinance could be a great option to help you attain the money needed to complete the project. In all cases, the financial institution lending designates the property as collateral (security for repayment) until the full loan has been paid off.
Typically a borrower will make monthly payments on the principal of the mortgage, interest, and any taxes. Paying off the principal builds equity or the amount of money that the homeowner has gained on the home.
What is a Licensed Mortgage Professional?
A Licensed Mortgage Professional provides expert analysis of mortgage products after reviewing your financial needs and ability to repay the home loan. They also assist you in obtaining the mortgage by gathering the financial documents needed and preparing them for review for final loan approval. You can learn more about who’s who in the home loan process here.
Working with HFG
There are various types of mortgages and mortgage products available which can be overwhelming and why we would love the opportunity to work with you. To learn more, please contact one of our Licensed Mortgage Professionals at a branch near you.