Mortgage Basics:

A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.

First Choose the Right Mortgage For You!

There are a few general types of mortgages to consider for your financing. They consist of the following three types. Click on any of the following for details and pro's and cons of each.

1. Fixed Rate Mortgages

2. Adjustable Rate Mortgages

3. Balloon / Reset Mortgages