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Mortgage Basics

Mortgage Basics

As you search for your home loan, you’ll want to know the basic terminology that applies to the home lending industry. Let’s discuss some of the basic terms and concepts related to mortgages.

What is a Mortgage?

A mortgage is a loan you obtain to pay for a home and any land it sits on. The home and land is used for collateral on the loan, which means that if you don’t make your payments, the lender can take the home away to cover your missed payments. Most mortgages last 10 to 30 years but can be paid off sooner.

Principal and interest (PI) together comprise most of your mortgage payment.

The loan principal is the amount you actually borrow to purchase the home. Your initial principal is reduced by the amount you put towards the homes down payment.

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What Clients Say About Us

Uf Testimonial1

I want to thank you so much for all of your help, your patience, calmness, joy in the midst of the storm, for your grace and so much more. I couldn't have gotten this house without you and I didn't want to forget to say THANK YOU for all you did to help me through the process. Only by the grace of God can one do your job and I know this is your calling because it was a joy working with you. You have been there for me through the entire process, in a moments notice, and I am so grateful. Yes, this is your job but I'm glad God put it in your heart to do it because it was meant for you to share your gift with others.

Martha R. 2015

2016-10-24T07:58:45+00:00

Martha R. 2015

I want to thank you so much for all of your help, your patience, calmness, joy in the midst of the storm, for your grace and so much more. I couldn’t have gotten this house without you and I didn’t want to forget to say THANK YOU for all you did to help me through … Continue reading Uf Testimonial1

Uf Testimonial2

Thank you not only for helping us with the loan but allowing me to feel peace when I spoke with you. Congratulations to you and all the people on your team that made it possible for us to get here. Gracias!

Jesse and Kathy G. 2016

2016-10-24T07:59:51+00:00

Jesse and Kathy G. 2016

Thank you not only for helping us with the loan but allowing me to feel peace when I spoke with you. Congratulations to you and all the people on your team that made it possible for us to get here. Gracias!

Uf Testimonial3

We made it to the finish line. It was stress free! I appreciate being able to work with a mortgage broker who returns calls, responds to emails and will give an update even when it isn’t good news. I highly respect your work ethic and look forward to working with you in the future.

Patrick S. Realtor, Metro Real Estate

2016-10-24T08:05:27+00:00

Patrick S. Realtor, Metro Real Estate

We made it to the finish line. It was stress free! I appreciate being able to work with a mortgage broker who returns calls, responds to emails and will give an update even when it isn’t good news. I highly respect your work ethic and look forward to working with you in the future.

Uf Testimonial4

Thank you so much for all your efforts! You are very thorough in explaining all of our loan options for purchasing our first investment property. We will always use you for home loans and refer all of our friends and family.

Aaron P. 2016

2016-10-24T08:06:42+00:00

Aaron P. 2016

Thank you so much for all your efforts! You are very thorough in explaining all of our loan options for purchasing our first investment property. We will always use you for home loans and refer all of our friends and family.