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Mortgage 101

What is a mortgage? Why do I need one? How does it work?

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A mortgage is a financial contract.

A mortgage is an agreement between a lender and a borrower secured by real property (your house). In order for these contracts to be made, you got to talk to a Mortgage Banker, or a Mortgage broker, and you have to prove to them that you will be very likely to be able to pay your mortgage.

Mortgage financing is accessed directly through:

  • Retail banks
  • Licensed mortgage brokers who can access financing through wholesale mortgage companies.

It shouldn't matter which lender ends up servicing the mortgage once it has been created, but the right mortgage professional can make a huge difference in someones financial life.

Let me explain: there can be some subtle differences in product knowledge and strategy that can mean tens or hundreds of thousands of dollars to borrowers over time. And since the terms and parameters of a mortgage loan will NEVER change once it has funded, the critical moments for a borrower are in the selection of the proper structure of the loan before it closes. So you can see how important it is to make sure you are working with a professional, when “you may not know what you don't know.”

My service to you will help you move forward with confidence in the fact that you have explored all options.

Lots of mortgage shoppers get hung up on THE RATE, but my job is to help my clients understand THE COST! Can you see the difference?

There is value and there are benefits (and yes there is risk) to owning residential real estate. A mortgage can be a part of the overall value of this ownership endeavor. The COST is a combination of upfront fees, monthly payments over time, tax implications, income potential, and property appreciation or depreciation etc.

The rate is of course very important, but it is a small part of a much larger picture.

Before I blow your mind with the full implications of ownership, lets back up and talk about the process of how mortgages get funded.

The 6 Steps of Getting a Mortgage

Get to know the key players and major steps in getting a mortgage in this helpful infographic.

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