A mortgage loan is simply a loan taken out against a property that you own. The property in question could be you house, a shop, or even a non-agricultural piece of land. Mortgage loans are offered by banks and non-banking finance companies. The lender provides you the principal loan amount and charges you an interest on it. You can repay the loan in affordable monthly instalments.
Navigating the financial side of buying a home can feel overwhelming. Finance is here to help you make an informed decision when evaluating the various home mortgage loan options.
You could qualify for first-time homebuyer benefits even if you’ve owned a home before. There are several programs and benefits that could include low down payment options, down payment assistance, local or state grants and more.
Depending on your home-ownership goals, we have a lot of great mortgage loan options for first-time buyers. Just to name a few, conventional loans can be ideal if you've been saving for a while and have a strong credit score.
You don’t need perfect credit to qualify for a mortgage loan, but your credit score is definitely one factor that lenders consider.