The Mortgage and More Blog

Posts Tagged ‘Mortgages’

Over the years, mortgages have been a hot topic. Since 2006, they have been a very HOT topic. With that said, your mortgage can be your friend or your enemy. The decision is really in your hands. This is one of the facts that many people either do not understand or do not realize. Today, we are going to take a look at your mortgage and you.

When you first start talking about mortgages and the home owners that acquire them, the first thing that you have to understand the difference in obtaining a mortgage for purchasing aspects and obtaining a mortgage through refinancing . Once those grounds are established, then you and your loan officer can determine the program that best fits your needs and wants.

Mortgages can be acquired through many different avenues. Federal Housing Administration, better known as FHA, offers mortgages to people. The mortgage is back by the Federal Government through the Mortgage Insurance that is captured on all of their loans. This money is funneled into an account and used to fund the new loans. These loans do not cost the tax payers any money. They are the largest insurer of mortgages in the world. The Veterans Administration also offers military personnel a mortgage as well. USDA Rural Development mortgages are available to applicants that are looking to buy properties that are eligible for this program. The last mortgage to mention would be the Conventional mortgage. These are loans that are NOT backed by the federal government.

With the knowledge of the types of mortgages out there, your loan officer should be able to help you in picking the one that is right for you. In the long run, it is your decision as to what the final loan product will be. if you are not comfortable with the terms that are laid out in the financing, then you need to speak up before you sign the final paper work.