As you step onto the road of homeownership, it may become evident, securing a mortgage to finance the purchase of your property is a necessity. A mortgage loan can give you more mobility and options as you search for a home best fitting your wants and needs.
How do I get a home loan?
To secure a home loan, you’ll need to start with a pre-approval process in which you submit an application containing your ID information, credit history and financial information. Once you’re approved by your lender, you’re able to better budget for your home purchase and narrow down the home search.
What is included in a mortgage payment?
Your monthly mortgage payments are comprised of four main units: tax, interest rate, insurance and the principal loan balance. The principal is the sum of money borrowed from the lender, while the interest rate is a fee attached onto the principal balance by the lender for borrowing their loan.
Mortgage lenders may also collect property taxes owed to the state on your behalf. Homeowners insurance is often required when you take out mortgage loans to protect your home in the case of perils and payment is collected by your lender.
Example of mortgage terms
A mortgage term is the length of time you agree to repay your loan balance. The most common mortgage term is 30 years, which offers lower monthly payments; however, shorter terms are available, often between 10 and 25 years.
Shorter terms come with higher monthly payments, but you can save thousands of dollars on interest.
Before committing to a mortgage loan, consider speaking with a lender to explore loan options best fitting your situation.
About the Author
Tina Broyles, DRE 01009212 & NMLS 91630
HELLO.... Im a California Bay Area Resident serving the Real Estate community since 1987!
I serve people with professionalism, knowledge and care and my business has grown to almost 100% referred as a result.
Happily married with two grown children and two beautiful granddaughters, Audrina & Chesney!
I love to golf, exercise, Bible study & serve the Homeless community weekly in Milpitas.
I support our businesses and our community!
I'm well known and respected by my peers. Voted Best of Milpitas every year since 2000-2020 until we relocated after COVID from Milpitas to San Jose in 2020.
One of the compliments we consistently hear is how responsive we are to our client’s needs. That is so important to us!
I'd be honored to get to know you and your family and put my real estate experience to work for you!
ABOUT MY BUSINESS:
My Team represents a diverse array of skills and provides the perfect balance of experience and professionalism working in the Bay area. Our technology capability is beyond expectation!
