dave.hoyle@abr-orlando.com
    407-529-4621

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What is a Mortgage

If you’re like most of us, you’ll have to get a mortgage to purchase a home. So what, exactly, is a mortgage?

What is a Mortgage?

The dictionary defines a mortgage as:

The charging of real (or personal) property by a debtor to a creditor as security for a debt (especially one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.

What that really means is that you borrow money from a lender to buy something valuable (in this case, a house). You agree to pay back the money you’ve borrowed within a certain period of time. On a mortgage, that’s generally 15 or 30 years, but yours could be different. If you fail to pay the money back, the lender gets to keep your house.

If you don’t pay, the lender will kick you out and re-sell the house to try to recoup the money they lost from your failure to pay; that’s a foreclosure.

Mortgage Terminology

  • Collateral: Collateral is something of value that you offer to the lender in the event that you can’t repay your mortgage loan. In this case, it’s the house.
  • Insurance: Your lender won’t agree to give you the money for a home unless you have insurance, which protects against losses in the event of a fire, theft, bad weather (but not always flooding—double check with your insurance company on that one to be safe).
  • Interest: Interest is the money the lender charges you to use their money. You’ll see it in a percentage, which i know as the interest rate.
  • Principal:The principal is the total of all the money you borrowed to purchase your home. That’s usually the value of the home, minus your down payment.
  • Taxes: Your mortgage payment will probably include taxes. The taxes are paid to your community and tacked on to your mortgage.

There are several different types of mortgages, as well, which will affect the amount of money you must pay and the amount that a lender will agree to give you.

Ready to Move into Your Own ABR Orlando Home?

Call the experts at (407-529-4621) or contact me online. I’ll be happy to start a custom search for your dream home!

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About Abr Orlando

We love working with Buyers and have worked hard to develop the skills necessary to assist our clients. All of us at Accredited Buyers Representative-Orlando LLC are certified as ABR®’s or working towards that and other NAR Designations to help you find your perfect spot. This short video highlights some of the important benefits of working with an ABR® when buying your next home. Education and Experience produce results for our clients.

ABR Orlando
1936 Lee Road Suite 100
Winter Park, FL 32789
Email: dave.hoyle@abr-orlando.com
Phone: 407-529-4621

  

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