What is a Home Mortgage Loan?
A home mortgage refers to the loan that you get when you are trying to buy a home. The most common home mortgage is done through a bank or lender. The way it works is you, the buyer, and the seller agree on an amount of money that will go towards the final purchase of the home, this ensures that no one else can come in and make an offer on the house, this amount of money is called a down payment and is subtracted from the total cost of the home. This down payment is either put into an escrow account, given to your banker, or given to the mortgage company so you can move into and live in your home while you make payments on the remaining amount of the home. The remaining amount is then figured in with the current interest rates, finance charges, taxes, insurance costs, and any other additional charges that may be relevant for the type of loan you are getting; this final amount is called your mortgage. In order for you to officially own your home and any property that your home sits on,
