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Mortgage Lender San Antonio is your #1 source for all your home loan needs. Specializing in Home Loans, Mortgage Lender San Antonio, FHA Loans San Antonio, Cash Out Refinance, FHA 203k Loans, VA Home Loans, Reverse Mortgage Loans, First Time Home Buyer Loans, Conventional Loans, and so much more!

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What is a mortgage?

"Mortgage" comes from the Latin term more, which comes from the word death -- as in"that debt is yours until you perish." These arrangements which cement your duty are a commitment, although mortgages are somewhat more flexible than their origin term indicates.

Mortgage principles

  • What's the definition of a loan?
  • What is a promissory note?
  • What is contained in a mortgage payment?
  • What is a second mortgage?
  • Where do I locate a mortgage I can afford?

What is the definition of a mortgage loan?

Deed of trust within certain states, or A loan, is a legal document you sign up when purchasing or refinancing a house that provides your creditor the right, in case you don't repay the mortgage, to take the property. A duplicate of your mortgage will be registered as a lien, or legally binding claim against the house.

What's a promissory note?

A promissory note is another mortgage doc that you will agree to and sign, that you promise to pay back all the money that you have borrowed that includes the interest.  This goes simultaneously with a mortgage.

What is contained in a mortgage payment?

The terminology "mortgage" can be also be referred to exact loan. You will make monthly payments, when buying a home with a mortgage until the home is paid in full. Your payments may go to several things which include:

The Principal

The principal balance of A loan is the sum that's made to repay -- your loan amount minus the. By way of instance, in the event you paid $24,000 toward this sum and borrowed $200,000, the principal balance is $176,000. Such as a mortgage, Having an amortizing mortgage, the principal is reduced by a number of every payment and also interest is paid by a few .

Interest

The rate of interest on your mortgage is what tells how much you will pay the creditor in exchange for the loan.

Taxes

Property taxes may be collected by your creditor and be retained in an escrow account before your property tax bill is expected to be paid.

Home insurance

Mortgage lenders, typically require insurance, this may protect damage from fires, storms, accidents and catastrophes. As it is expected, the premiums could collect and pay the insurance bill.

Mortgage Insurance Policy

Lenders ask that you get mortgage insurance if you make a deposit of less than 20 percent of the cost of the loan. Mortgage insurance protects the lender if you will default to the loan. There are two types of insurance: personal loan insurance, (AKA PMI), and types of insurance for mortgages require for unsecured loans, including FHA loans (handled by the Federal Housing Administration) and VA loans (in the Department of Veterans Affairs). The premiums could be charged in your monthly statement.

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