What is a Mortgage?

A mortgage is one of the most common types of real estate loans. Borrowers can use a mortgage to help buy a home without having the entire amount as cash. Mortgages are typically originated and serviced by banks and financial institutions and is secured by the home itself. The loan is considered long-term debt and is usually outstanding for 15 to 30 years and paid off monthly.

Since the government is incentivized to increase homeownership, mortgages are often some of the cheapest loans available for property owners and investors. Borrowers can get cheaper rates depending on the

  • Type (VA loans, FHA loans, Jumbo Loans, Conventional Loans)
  • Duration (30 years, 15 years)
  • Other options (points, credits)

Each borrower is limited to up to 10 mortgages outstanding and needs to qualify based on relevant guidelines like DTI.

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