An Overview of Mortgages

Finding a Mortgage Getting a mortgage is a time-consuming process, but, considering that it will usually be paid over 15 or 30 years, it is worth a great deal of effort to save money in the long run. It is important to have a good handle on your personal finances and credit situation before trying to obtain a mortgage. Lenders will review this information carefully, so it's a good idea to make sure everything is in order beforehand.
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An Explanation of Home Equity and the Related Loans

Home Equity is the amount of ownership that has been built up in a property. Typically, residential property is bought through a mortgage, which is then paid off for a number of years. After the mortgage has been fully repaid, the property then belongs to the mortgager, namely the buyer. In the interim, however, the buyer simply builds up "equity" in the home. This equity is equal to the current market value of the home minus the outstanding mortgage balance. This is what a home equity loan borrows against. Although that equity cannot be sold, banks will lend money against it. (more)

An Overview of Mortgages

An Explanation of Home Equity and the Related Loans

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