Intro to Mortgage

Mortgages exist specifically so borrowers can immediately secure funding from a lender in order to make a real estate and/or land purchase. The debt is paid off gradually, and this financial product allows people to afford housing without first accumulating a large sum of money. These are, of course, the largest loans and financial burden that most people ever undertake.

Pre-qualification is a mortgage option which allows a potential homebuyer to gain approval for a certain amount of mortgage funding before they even begin to shop for a house. This process prevents the frustration of attempting to gain mortgage financing after having shopped for and decided on a house.

Mortgage brokers can serve as an intermediate agent between borrower and lender. They gather the borrower's information, review multiple lenders, and return to the borrower with an assortment of qualified lenders to choose from.