Are you and your spouse in the market for buying your first home? Buying a home can be a very tall and tough task for young couples to accomplish, so having the right people guiding you is key. In order to secure a house, you’re going to need a mortgage and our agency can help you with the basics. If you’re wondering about mortgages, here is what you need to know:
What is a mortgage?
A mortgage is a large, long-term loan given to you by a bank in order to pay for a home. Since home prices can range anywhere from $250,000 to $700,000 or more, the majority of Americans need a lot of help to buy a home. Basically, a bank will sign off on giving you the loan and you are expected to pay off that loan every single month to the tune of about a couple thousand dollars a month. If you default on your mortgage, interest rates and penalties may apply depending on your deal with the bank.
How Do I Obtain One?
By going to a local bank and applying for one. Usually a bank will ask you and your spouse to come in for an interview to make sure your claim is legitimate and you don’t have any severe credit issues. It’s important for you to pay your mortgage on time every month and banks like to gauge whether or not they think you are capable of doing so.
Securing a mortgage can be a long process, but it’s the most important step when it comes to buying a home. Contact us today if you have any more information!