Mortgage Basics

Common questions asked about mortgages are: Do I have the funds for a down payment? Do I earn enough to cover mortgage payments and living expenses? Do I have good credit? All of these are vital questions that must be honestly answered before we apply for a mortgage. A mortgage is defined as a long-term loan on a specific piece of property. Typical payments are made over periods of 15, 20, or 30 years. Banks, savings and loan associates, credit unions, and mortgage companies are the most common form of home financing.