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Tag: mortgage lenders

Mortgage Basics For A First Time Home Buyer

Mortgages are what many people use to buy their home. Some real estate investors take advantage of mortgages to buy properties.

Down payments and mortgage money

A mortgage is money that you borrow from a financial institution or mortgage lender in order to purchase property. The mortgage usually covers a part of the purchase price and the remaining part must be paid by you in advance in the form of a down payment.

Anything you borrow from the mortgage lender must be repaid to the mortgage lender over a period of time, of course. You will also pay appropriate interest on that mortgage. To find the best Home Mortgage Loans and Refinance Lenders in Elk Grove, CA navigate to Sumer Home Loans.

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Types of mortgages

There are various types of mortgages such as; fixed rate loans and adjustable rate loans. You can also get mortgages for different terms. For example, you can get a mortgage that lasts 10 years, 15 or 20 years, 30 or 40 years, and, believe it, even 50-year mortgages.

Mortgage Advice

So now you can clearly see the need to understand the concept of mortgages and the related costs before moving forward. Understanding these concepts really isn't that difficult with the help of a good mortgage advisor.

Mortgage advisors come in many shapes and sizes. You can find them everywhere, your local mortgage broker, at your local bank or credit union, on the internet, in the yellow pages, TV commercials, the list is only limited by your imagination.