Mortgage Loans
Mortgage loans are extended to home owners who wish to buy or improve the outlook of their homes but have no money of their own to do so
. One advantage of these loans is that, one need not give any collateral against it because, the property to be acquired or renovated acts as security for the loan.
Once the mortgage has been issued by the lender, the borrower is issued with a document that shows the agreement between the two parties. The agreement shows the length of time within which the mortgage is being lent out, the repayment terms and conditions, and how the money will be recovered if the borrower happens to default payment.
Mortgage loans can be acquired from banks or other financial institutions that specialize in home financing. Depending on where you are getting the loan from, you will realize that some terms of the loan will keep varying and it is up to you to identify the institution that gives you the best and the most comfortable terms that you can work with.
Some of the terms or features of a mortgage loan that you may want to compare from the different lending institutions include interest rates, methods of repayment, amount payable per month, the grace period and the size of the loan as well. These factors to a very large extent dictate the affordability of the loan. If the loan is also being acquired through an intermediary like a broker, the cost of getting it may be a bit higher because, the intermediary will charge some fees for the services rendered.
Mortgage Loans
By: Peter Gitundu
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