What is Mortgage?

Generally through the word mortgage we understand a long term home loan. It is actually the biggest debt that we can have. We use the property as the collateral of the mortgage loan. You can avail mortgage loan from a Government guaranteed Institute or any other Private mortgage loan institute but it is better to chose a government insurance mortgage institute to buy your dream home.

Different types of mortgage loan:

There are different types of mortgage loan available in the market. for example….

1. Fixed Rate Mortgage

2. Adjustable Rate Mortgage

3. Balloon Mortgage

4. Interest Only Mortgage

5. Biweekly Mortgages

6. Bimonthly Mortgages

So if you want to buy your dream home and you think you can really afford it then just go for a detailed market research. Talk to different lenders and different lending institute. Choose the lender who is willing to educate you regarding  your home buying and offer you the best rates and terms in the market. After consulting to a few lenders you will understand which type of mortgage suites you the best and choose a mortgage loan which you can really afford. Please don’t try beyond your limits. Have a Happy Home buying. Feel free to ask any questions and share your suggestions.