7 ESSENTIAL FEATURES OF A MORTGAGE

Mortgage is lending secured by real property. In a layman’s view, when you secure a loan using your property as security or collateral, you have taken a mortgage.

As applicable to other types of loans, mortgage have interest rates and scheduled to be paid off (professionally referred to as, “amortization”) over a period of time. A minimum of ten years and maximum of thirty years.

Although mortgages differ in different countries, but usually there are basic and essential features that applies to all;

• Property: The real property to be financed

• Mortgage: The security interest of the lender in the real property, which may either be restriction to use, or sell, or the purchase of home insurance, until the debt is completely paid

• Lender: The lender which is usually a financial institution, such as a bank.

• Borrower: The person borrowing

• Principal: The original amount of loan excluding other costs

• Interest: The financial charges borrowers pay for using lenders money.

• Foreclosure/Repossession: An inclusion of a clause or circumstance that may warrant the lender to seize the property.

There is other information, but these are the basics, generally applicable to most countries.

Therefore, before you go for that loan, gather information from your local broker ,but talk to a professional broker who understands customer service

MORTGAGE AND LOAN; GET INFORMED

A mortgage loan is lending to a borrower  who wish to finance a private or commercial building project. By this, you will understand that a mortgage loan is attached to a real property.

In the U.S., it’s common practice to access mortgage loans for the purpose of real estate acquisition, but the process of accessing the loan requires the borrower submitting a loan application, and documentation relating to his financial, or credit history to the underwriter, which is typically a financial institution, like the bank, or an intermediary, such as a broker.

On the submission of the required document, borrowers information is reviewed, to ascertain whether a borrower information is correct, and if he is worthy for a loan, or not. This is the essence for the demand of your credit history. Your credit history is a determinant to your ability to repay a loan.

Also on application and documentation, the broker, or underwriter reviews your information and match them with existing lenders who meet your loan need.

One thing to note is; application and documentation for loans are not automatic loan approval, you have to satisfy the lenders requirement, or else your application is rejected.

A   mortgage loans are financial transactions and brokers are always meticulous in approval, because no lender wants to loose money. Giving a loan to an unqualified borrower is bad business for the broker, that is the reason why loan approvals take little time.

Loans already granted can be foreclosed, or repossessed, if the borrower defaults or breaches the term of contract. Foreclosing means, the broker seizing the property, and recoups some or all her original capital and other interest that may be involved. This may not be to borrowers favor, hence the need to be sure you need a loan, and to be sure you can repay.

Getting a mortgage broker is one of the easiest. You can find several online, but getting a good one that will offer you a good program and plan is another headache home owner’s face.

A helpful tip is, go for a customer friendly broker. Brokers who look beyond profit for relationship. Brokers, who won’t stampede you to a loan, but guide you thoroughly towards making a good decision, and offer you a flexible and comfortable repayment arrangement that will give you peace of mind.

A CUSTOMER FRIENDLY MORTGAGE BROKER

Buying a home comes with lots of challenges and sometimes overwhelming, especially for first time buyers. But the general advice, is for you to make a list of the criteria of utmost importance in your choice of a home, and do well to stick to it. Based on your desired criteria, you patiently search, with the help of an estate agent, to find what property suits you best.

But finding a house is not always the major task, but getting the best financing is .So you are advised to finalize talk with a mortgage broker, to ascertain your price range before you set out in search of that home. This will  go a  long way to help the estate agent in streamlining his search to match your budget.

Getting a mortgage broker is much easier, because of the internet, but getting a good mortgage broker, a better program, and rate, is one of the hurdles you have to overcome.

In choosing a mortgage broker, go for  one who makes you feel comfortable and confident, and one who is friendly and customer focused. The brokers that meet this criteria are not so many, but, if you take your time ,you are sure to come across one.

In a nutshell, when buying a property arm yourself with  good mortgage broker, a good estate agent and the list of your important criteria of your dream property And before you go searching for that home, get a mortgage pre-approval letter, because many sellers demand for a pre-approval letter before accepting your offer.

Above all, stick with a customer friendly broker who will give you personalized service, and put you through all the terms and clauses in your contract, to safeguard your future.

WAYS TO QUICKEN YOUR LOAN APPROVAL

Experiences of loan seekers confirms that getting a loan does not come easy, talk less of a quick loan. The question is, is it possible to get a quick loan?

Is it home purchase loans, refinancing or home equity? you can have that quick loan, It’s real ,fast and easy.

When you go online, there are several mortgage brokers and loan service providers offering borrowers mouth watering deals, low loan rates, and excellent re-payment plan. But the truth is, not all sweet offers end up well at the end. Yet, there are few others that produce happier ending

Though loans do not come easy, it’s still possible to get a quick loan. How about a broker that gives you a 100 different loan programs with a fast simple process? Apart from these options, you also receive care and personalized attention, easier processing of  your loan to execute that capital project, and fuel your dream to reality.

It can really get better. Shopping around for professional brokers with track records, and excellent   past customer loan response report, is the first step to that quick loan.

Don’t ever be discouraged with your past experiences with brokers. The truth is some loan applications have been rejected once, only to be approved the second or third trial. You too can make another move for that loan. You might just get that quick loan if you arm yourself with the right information, and meet the requirements. How do you meet this demand? If not by speaking to the right broker.

In getting a loan, be informed that no broker loves defaulters of loan contracts. So, before you go for a loan, be sure not to default. Defaulting speaks so much of your reputation and reputation is everything in the United State. It can enhance your life or take away all you’ve worked for, all your life.

Ensure you are a reputable borrower and earn the respect of brokers.