How Do Mortgages Work? What You Need to Know About the Home Loan Process
Tai Bixby, SIOR, CCIM
![Tai Bixby, SIOR, CCIM]()
Tai Bixby, SIOR, CCIM
Director @ Real Estate Advisors | Commercial Real Estate
By Julie Ryan Evans
Jun 13, 2017
Mortgages might be one of the most essential and common parts of the home-buying experience, but they're also one of the most misunderstood. Whether you're on the search for your first home or just need some clarification, here's how mortgages work—and what you need to know.
What is a mortgage?
In the simplest terms, a mortgage is a loan from a bank or other financial institution that enables you to cover the cost of your home. It's a legal agreement with the bank saying you will pay the loan back (plus interest) over the course of years—decades, usually. Unless you have the money to pay cash for your property, you’re going to need a mortgage.
Get mortgage pre-approval...
#santaferealestate