Get Introduce Yourself With Mortage Loan Basics<\/h2>\n
A mortgage is a loan on the property \u2013 for example, your home \u2013 which is paid back over time to the lender along with an agreed upon interest rate. What makes it different than a simple \u201cloan\u201d is that the lender has the right to take over the property if payments are not made<\/strong>. This is sometimes called having a \u201clien on the property\u201d<\/strong>. In other words, you don\u2019t fully own the property until the last payment is made. That\u2019s called \u201cpaying off your mortgage.\u201d[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n Because we\u2019re talking mortgage loan basics, let\u2019s assume we\u2019re talking about a home mortgage \u2013 the most common type of mortgage.<\/p>\n You find a home you wish to purchase. Let\u2019s say you have $20,000 in savings, but the home is $140,000. You do some mortgage loan shopping<\/a> and decide on Morty\u2019s Mortgages. Morty is willing to loan you the full $140,000, but in return, you essentially \u201cpledge\u201d your house to Morty. If you miss too many payments, Morty can take your house and sell it to someone else to recoup his losses. Since you have every intention of making your payments, you decide to finance through Morty.<\/p>\n The thing is, you\u2019ll be paying back more than $140,000 to Morty. How much more depends on several factors, the biggest of which is the interest rate. There are two basic types of interest on mortgages \u2013 \u201cfixed-rate\u201d and \u201cadjustable rate.\u201d Understanding the difference is Mortgage Loan Basics 101.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_html]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[\/vc_raw_html][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1661428303279{margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n A fixed-rate mortgage is one in which your interest rate remains the same for the life of the loan<\/strong>. The monthly payments stay pretty much the same (there are other costs besides interest, but we\u2019ll get to those) from your first payment to your last. These are the most typical type of mortgage and sometimes simply referred to as a \u201ctraditional mortgage\u201d.<\/strong> The payments are generally structured so that your early payments go towards the interest <\/em>on the loan. Over time, your payments apply more and more towards the principal <\/em>of the loan \u2013 the actual money you borrowed to buy your house.<\/p>\n You\u2019ll sometimes hear the term \u201camortization\u201d<\/strong> used to describe this system. I wouldn\u2019t get too sidetracked by it; it\u2019s pretty much the universal way things are done when it comes to mortgages. The important thing is that the amount of your monthly payment devoted to principal plus interest stays the same<\/strong>, even if how much of each payment goes where evolves over the life of the loan.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n The only down-side to a fixed-rate (\u201ctraditional\u201d) mortgage is that market interest rates change regularly<\/strong>. Daily mortgage rates fluctuate naturally, and over time they can rise or fall considerably. Either way, you\u2019re committed to whatever it was when you first took out the home loan. If the difference is significant enough, some homeowners elect to refinance their mortgage<\/strong> \u2013 to essentially start from scratch, treating the balance on the mortgage as if it were a brand new home loan.<\/p>\n Because there are other costs associated with the process, this only makes sense if the difference in what you\u2019ll pay is substantial over time. We should cover a few more mortgage loan basics before we address refinancing.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n The other type of home loan is an adjustable-rate mortgage<\/strong>. An adjustable-rate mortgage fluctuates with market interest rates. What determines daily mortgage rates gets a bit hairy, but basically they\u2019re the result of three interwoven factors<\/strong>:<\/p>\n You hear about this in the news from time to time depending on what\u2019s going on with politics and the economy at the moment.<\/p>\n When big-money individuals or institutions don\u2019t feel good about playing the stock market or whatever else they might normally do to grow their wealth, they invest in these.<\/p>\n OK, not how they\u2019re feeling<\/em>, exactly, but what they perceive to be their current risk and potential reward. This is the closest element to what we were taught in high school about \u201csupply and demand\u201d and the \u201cfree market\u201d and all that.<\/p>\n If you really want to dive in more to these factors and how they shape mortgage rates, be my guest. I\u2019ll be honest and tell you that the details make my head hurt and my eyes glaze over a bit, so forgive me if we move on.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_raw_html]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[\/vc_raw_html][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1661430082787{margin-bottom: -1.2em !important;}”][vc_column_text]Some lenders offer a \u201chybrid\u201d of fixed and adjustable-rate mortgages<\/strong>. You\u2019ll agree to a low, fixed interest rate for a specified length of time \u2013 say, the first five years of the loan. After that, the rate is adjustable based on market rates. The idea is that new homebuyers lock in a \u201cgrace period\u201d of sorts at a lower rate than would be possible with a traditional fixed-rate mortgage<\/strong>. If you\u2019re new to the adult world or just starting a family, the assumption is that a few years down the road you\u2019ll be in a better position to tackle a higher house payment in exchange for that initial period of smaller payments.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1661430414162{margin-top: -0.7em !important;margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n Either way it\u2019s figured, interest plus principal is the bulk of your payment each month<\/strong>. Those are fundamental mortgage loan basics. But they\u2019re not all of it. Remember those other factors in the cost of the loan we mentioned above? The two most common elements packaged with your mortgage payment are insurance <\/em>and taxes<\/em><\/strong>.<\/p>\n Most lenders will expect you to purchase enough insurance to cover the cost of the home in case of fire, flood, meteor shower, etc. Remember \u2013 your home is collateral for the loan, and it\u2019s not unreasonable for the lender to expect their interests to be protected. Depending on the details of your coverage, your monthly payment can go up (or down) over time based on changing insurance rates<\/strong>.<\/p>\n The other way lenders protect themselves is by making sure you\u2019re able to pay any property taxes associated with your home<\/strong>. If you don\u2019t pay your taxes, the government might take your home and then both you and the lender are out of luck. Lenders guard against this by estimating the annual property taxes and dividing that amount by 12 months, then simply adding it to your required mortgage payment.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1661430406714{margin-top: -0.7em !important;margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n The folks doing the estimating and the folks determining your actual property taxes each year aren\u2019t the same folks. Besides, property taxes go up and down depending on any number of factors<\/strong>. That\u2019s where your \u201cescrow account\u201d comes in. As you make your monthly payments, they take the amount set aside for taxes and put it into \u201cescrow\u201d to be paid to the government come tax time. If your escrow has too much, you\u2019ll get a small refund<\/strong>. If there\u2019s too little, you\u2019ll get a bill asking you to add a bit. Depending on the details of your mortgage, this might increase (or decrease) your monthly payments as adjustments are made to cover those taxes.<\/p>\n If all of this seems a bit overwhelming, don\u2019t panic<\/em>. Many people live long, happy lives without all the big words and complex financial computations. Our goal for now is to have a better general understanding of mortgage loan basics. Honestly, just by having read this far, you already know more than most.<\/p>\n Whether that\u2019s frightening or reassuring I will leave up to you.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n Now that we\u2019ve talked about some of the technical stuff, let\u2019s step back and walk through the most likely scenario in which you\u2019ll be utilizing your new mastery of mortgage loan basics \u2013 buying a new home.<\/p>\n I know, I know \u2013 house shopping is the fun part. Imagining what you\u2019d do to this kitchen or how you\u2019d utilize that den, just like on all those TV shows. But the right mortgage and mortgage provider is essential to a positive home-buying experience<\/strong>. Shop your options first, before you\u2019re all giddy over the closet space. It\u2019s easier to pay attention to things like interest rates and closing costs that way.<\/p>\n You get two mortgage shopping tips on this one. First, pre-approved financing is pretty much required when buying a house<\/strong>. Some realtors won\u2019t even start showing you properties until you\u2019ve got the money lined up. And a pre-approved mortgage makes it much easier to move quickly on a home you really want<\/strong>. Your mortgage provider will even give you an official letter showing how much you\u2019ve been approved for just to keep things official. This isn\u2019t unexpected \u2013 it\u2019s mortgage loan basics.<\/p>\n Second, the \u201cpre\u201d in \u201cpre-approved\u201d here doesn\u2019t mean the financial stuff is settled and over. It merely means you have a solid indication of how much you can spend<\/strong> and that your lender is reasonably certain you\u2019ll qualify to borrow that amount from them if you choose to buy a house. That\u2019s when the real paperwork begins.<\/p>\n Finally, the fun part! Don\u2019t be that person who finds something wrong with every house, but neither should you jump at every opportunity. Make a short list of must haves, wants, dislikes, and must avoid<\/strong>, and do that part well ahead of time before you\u2019re caught up in the moment. Then, refer to it as you go. Even if you modify it along the way, it will help you keep focused and remember your priorities.<\/p>\n This is where a good real estate agent is so important<\/strong>. They can help you figure out a reasonable starting offer based on activity in the market, the area, the home itself, etc. If homes are selling quickly, it may be pointless to make an offer below asking price. At the same time, there\u2019s usually no harm done by a little cautious negotiating. It doesn\u2019t have to be all about the asking price<\/strong>, either \u2013 sometimes sellers will agree to leave the washer and dryer or replace that weird section of carpet instead of lowering their asking price.<\/p>\n If your offer is accepted, the lender will require you to complete a mortgage loan application and to submit documentation related to your income and financial history \u2013 pay stubs, W-2s, bank statements, tax returns, etc<\/strong>. These will be evaluated by an underwriter, whose primary function is to study the documentation provided and verify that everything is in order. There are lender requirements to be met and government guidelines to be followed and the whole thing can make your head spin a bit if you let it.<\/p>\n If it makes you feel any better, the underwriter is also measuring the value of the property in question and making sure it meets all sorts of requirements and guidelines as well. They may order a value assessment or other inspections if there are questions. These are all mortgage loan basics; it doesn\u2019t mean there\u2019s a problem.<\/p>\n You may be asked about events in your financial past. Where did this deposit come from? Why was this debt written off? What happened in such-and-such year that caused this change?<\/strong> None of this is personal \u2013 it\u2019s just tedious. Answer as completely and honestly as you can, and keep taking deep, slow breaths. On the other hand, you may not be asked anything at all. That\u2019s normal as well.<\/p>\n<\/div>\n Once the underwriter approves everything, you are \u201cclear to close.\u201d Everything is sent to a title company chosen by the lender (because there haven\u2019t been enough people involved in the process yet).<\/p>\n Let\u2019s talk good news and bad news here.<\/p>\n The good news is that you\u2019re almost through the paperwork\/financing\/questions\/approval part of the home-buying process. This is the last stage of small print and legal details<\/strong>.<\/p>\n The bad news is that if this is your first closing, there\u2019s simply no way to be prepared for the volume of papers<\/strong> you\u2019re about to be asked to sign or initial. Your next lesson in mortgage loan basics? Warm up your writing hand.<\/p>\n While you should always pay attention to anything you\u2019re signing, nothing presented at this stage requires major decision-making or new action on your part. The representative from the title company will explain as you go and let you know which parts you should care about<\/strong>. While this part is tedious, it\u2019s not hard. Traditionally, you\u2019ll get the keys to your new home at the end of this part. Congratulations!<\/p>\n Oh \u2013 one last critical detail. You will be expected to bring a certified check<\/strong> or something comparable with you to cover your down payment and closing costs. These often include an initial escrow deposit and various fees to pay all the different people involved in the process up to this point. Your realtor will be able to let you know exactly how much this needs to be and what\u2019s covered<\/strong>, so it won\u2019t be a surprise. They\u2019re not the same in every situation, and sometimes the seller agrees to take on part of these expenses as part of the negotiations. All that has been settled by this point, however, and it\u2019s time to hand over your first check and get those keys.<\/p>\n This isn\u2019t technically part of the mortgage process, but it\u2019s sometimes helpful to remember why you\u2019re putting yourself through all of this. Why are you dragging yourself through mortgage loan basics? It\u2019s all been for this moment. Try to enjoy it.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1661432348845{margin-top: -0.7em !important;margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\n These aren\u2019t entirely distinct forms of mortgages so much as variations you may encounter as you begin the process. A given mortgage arrangement can involve several of these factors together, or prove so straightforward that most of this terminology never even comes up. Still, knowing some terms common in mortgage loan basics might help you ask better questions of potential lenders<\/strong>.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1661444250658{margin-top: -0.7em !important;}”][vc_tta_accordion style=”modern” color=”purple” gap=”2″ active_section=”1″ collapsible_all=”true”][vc_tta_section title=”Fixed-rate Mortgages” tab_id=”1661432169564-74522c87-9950″][vc_column_text]We talked about these above. With a fixed-rate mortgage, your monthly payment stays largely the same<\/strong> throughout the life of the loan (other than small adjustments based on changes to your taxes or insurance).[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Adjustable-rate Mortgages” tab_id=”1661432169565-8d145813-539a”][vc_column_text]You probably remember this one as well. Most adjustable-rate mortgages<\/a> start off as \u201chybrids\u201d <\/strong>in which you commit to a lower initial interest rate for a fixed amount of time before throwing yourself on the mercies of the market.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Balloon Mortgages” tab_id=”1661432183969-ce9a345c-6240″][vc_column_text]Ballon Mortgages<\/a> are fairly uncommon. For most of the term of the loan, you\u2019d pay very little. Then, at the end of the time specified by the terms of the loan, the full balance would come due<\/strong>. This sort of mortgage only makes sense if you have unusual circumstances involving guaranteed funds down the road.[\/vc_column_text][\/vc_tta_section][vc_tta_section title=”Interest-only Mortgages” tab_id=”1661432185768-35666a7b-682e”][vc_column_text]These are similar to the balloon structure above, but are structured so that the increase in payments over time is more gradual<\/strong>. Borrowers pay only on interest for a predetermined amount of time, then begin paying on the principal as well. These are sometimes a decent option for some first-time homebuyers just starting their careers<\/strong>.[\/vc_column_text][\/vc_tta_section][\/vc_tta_accordion][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n FHA mortgages<\/a> are backed up by the government, protecting lenders in case of default<\/strong>. This allows lenders to offer lower down payments and better terms, although you\u2019ll have to provide proof of appropriate insurance.<\/p>\n It has several options for rural homebuyers <\/strong>who meet their requirements. They\u2019re looking for borrowers with<\/strong> limited resources but who can demonstrate a predictable income<\/strong>, however modest. The mortgage process is handled by the Rural Housing Service (RHS)<\/a>, a subdivision of the USDA.<\/p>\n It provides mortgage assistance to veterans\u00a0or active military members<\/strong> and their families. As with FHA loans, the government guarantees payment to lenders in order to secure the best possible terms for borrowers. There\u2019s also an option for no down payment<\/strong>, which is more common than it used to be but still unusual.<\/p>\n They vary from state to state, or even region to region. There are programs to help those with Native American ancestry purchase a home<\/strong>, or to promote the revitalization of certain cities or parts of some states. Ask your realtor what might be available.<\/p>\n These are only a few of the most common variations you may encounter. Pay attention to the details. What does each mortgage option mean in terms of the total you\u2019ll pay for your home? What does it mean for your monthly payments now, and in five years, and in fifteen years? Not to forget, what obligations are you taking on, and what can you reasonably expect from other interested parties?[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_single_image image=”5591″ img_size=”full”][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n There are Several Good Reasons:<\/p>\n Refinancing isn\u2019t free, so make sure the amount you\u2019ll save in the long run makes the process worth it<\/strong>. If you\u2019re still considering refinancing your mortgage, check out these\u00a0mortgage calculators for more details to consider.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1661419199290{margin-top: -0.7em !important;}”][vc_column_text]<\/p>\n We thought you\u2019d never ask.<\/p>\n There\u2019s no harm trying traditional sources \u2013 your local bank or credit union<\/strong> or other favorite financial institution. But in the 21st century, you have numerous online options<\/strong> as well. That\u2019s where we come in. We\u2019re not trying to sell you anything or tell you what to do about your mortgage. That\u2019s not our business. What we\u2019re good at is connecting you to quality lender options based on the information you share with us about your needs and background. The rest is between you and them.[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_single_image image=”5585″ img_size=”full”][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]<\/p>\n It can be a bit intimidating at first, but let me offer a few mortgage shopping tips. Remember that you are the customer<\/em>. In the end, you\u2019re the person everyone else should want to be happy. Just keep your eyes open and mind focused, and don\u2019t shy away from asking for clarification of anything you\u2019re not quite sure about. It\u2019s their job to make sure you know what\u2019s going on; it\u2019s your job to be as prepared and as upfront as possible. Know your mortgage loan basics and breathe.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n Everything about mortgage loans, in one place. Read on to learn more!<\/p>\n","protected":false},"author":13,"featured_media":5653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[141],"tags":[638,859,636,639],"acf":[],"_links":{"self":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts\/5506"}],"collection":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/comments?post=5506"}],"version-history":[{"count":35,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts\/5506\/revisions"}],"predecessor-version":[{"id":18052,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/posts\/5506\/revisions\/18052"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/media\/5653"}],"wp:attachment":[{"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/media?parent=5506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/categories?post=5506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.loanry.com\/blog\/wp-json\/wp\/v2\/tags?post=5506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How Does a Mortgage Work?<\/h2>\n
Fixed-rate Mortgage<\/h3>\n
Awesome! But What Are the Down-side?<\/h4>\n
Adjustable-rate Mortgage<\/h4>\n
The Rate Set by the Federal Reserve (often simply referred to as \u201cThe Fed\u201d).<\/h5>\n
Investor Demand for Treasury Bonds and Related Low-risk<\/h5>\n
How Good the Banking Industry Is Feeling at the Moment<\/h5>\n
Other Payment Factors<\/h4>\n
But Here’s the Trick<\/h5>\n
Understanding the Mortgage Process<\/h3>\n
![\"\"](\"https:\/\/www.loanry.com\/blog\/wp-content\/uploads\/2019\/07\/The-Mortgage-Process.png\")
[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column css=”.vc_custom_1661432359422{margin-bottom: -1.2em !important;}”][vc_column_text]<\/p>\nHome Buying Step 1 \u2013 Find a Lender<\/span><\/h4>\n
Home Buying Step 2 \u2013 Get Pre-approved<\/span><\/h4>\n
Home Buying Step 3\u2013 Look at Homes<\/span><\/h4>\n
Home Buying Step 4\u2013 Make an Offer<\/span><\/h4>\n
Home Buying Step\u00a05 \u2013 Brace Yourself<\/span> (Now the Real Paperwork Begins)<\/h4>\n
Possible Questions During the Underwriting Process<\/h5>\n
Home Buying Step\u00a06 \u2013 The Closing<\/span><\/h4>\n
Home Buying Step 7\u2013 Move In<\/span><\/h4>\n
Types of Mortgages<\/h4>\n
Government-insured Home Loan Options<\/h4>\n
Federal Housing Administration Mortgages<\/h5>\n
The U.S. Department of Agriculture (USDA)<\/h5>\n
The U.S. Department of Veterans Affairs (VA)<\/h5>\n
Other Government-backed Mortgages<\/h5>\n
When Should You Refinance?<\/h4>\n
\n
Where to Shop for a Mortgage?<\/h2>\n
In Conclusion<\/h3>\n
![\"Loanry\"](\"https:\/\/www.loanry.com\/blog\/wp-content\/uploads\/2022\/02\/loanry-big-banner.jpg\")
<\/a>","protected":false},"excerpt":{"rendered":"