Username:   Remember Me

Uber Articles {Über (ger) adj. above, beyond }

- Above and Beyond a Mere Article Directory


Understanding Mortgage Loans Will Save You Money

By Kevin Forcey

I want to buy a house so I better get a mortgage. That is as much thought as many people give to the single biggest amount of money they will ever borrow. Many people know more about their cable TV package than they do about their mortgage. By learning as much as you can about a mortgage before you sign up for one you will be able to make sure you are getting the loan that is right for you.

A mortgage is the name given to the loans used to buy real estate, whether it is a single family home, a duplex or even a piece of land you would still be getting a mortgage. The mortgage uses the property as security, so if you stop paying the bank or mortgage lender they can take over ownership of your house or property against which you borrowed. This is one of the reasons why you should not buy a house that is more expensive than you can really afford.

Not all debt is created equal. When you borrow money to buy a house it is a little different to when you take a one year no interest loan out from yoru local hardware store to buy a new washing machine. You are making a long term committment and you will have costs involved in even applying for the loan in most cases. You must ask what the costs are going to be before you sign anything.

Cash is king, thsi may seem a strange comment to make when you are looking to borrow money to buy a house, presumeably because you don’t have enough cash to buy one outright. The fact is that the more cash you have to use as a deposit the better you will be, the only way to get a 100% loan currently is to get a veterans loan. If you have never been in the armed forces then this option is not open to you, so you need to have a deposit. FHA loans can require as little as 5% while traditional loans are now often requiring a 20% deposit.

Before you even go and see your bank or mortgage lender it is wise to get all your financial information together, get your W2′s, your credit card statements and any information on student loans together. This is the sort of information that you will need when you start to fill in the forms and having it all in one place makes everything much quicker.

If you ever wonder if a reverse compounding mortgage is the best choice for your retirement situation? The truthful response is that I can’t tell you for sure but I can tell you that it is one of the many option you should look at.

Article kindly provided by

Topics: Mortgages | Comments Off

Tags: , , , , ,

Article Citation
MLA Style Citation:
Forcey, Kevin "Understanding Mortgage Loans Will Save You Money." Understanding Mortgage Loans Will Save You Money. 12 Jul. 2010. 29 Dec 2014 <>.

APA Style Citation:
Forcey, K (2010, July 12). Understanding Mortgage Loans Will Save You Money. Retrieved December 29, 2014, from

Chicago Style Citation:
Forcey, Kevin "Understanding Mortgage Loans Will Save You Money"

Reprint Rights

Creative Commons License
This article is subject to a revocable license under a Creative Commons Attribution-No Derivative Works 3.0 Unported License, which means you may freely reprint it, in its entirety, provided you include the author's resource box along with LIVE VISIBLE links (without "nofollow" tags). We may revoke the license at any time with or without cause. You must also include the credit to

Comments are closed.

Uber Articles and its partner sites cannot be held responsible for either the content nor the originality of any articles. If you believe the article has been stolen from you without your permission, please contact us and we will remove it immediately. If you have a problem with the accuracy or otherwise of the content of an article, please contact the author, not us! Also, please remember that any opinions and ideas presented in any of the articles are those of the author and cannot be taken to represent the opinions of Uber Articles. All articles are provided for informational purposes only. None of them should be relied upon for medical, psychological, financial, legal, or other professional advice. If you need professional advice, see a professional. We cannot be held responsible for any use or misuse you make of the articles, nor can we be held responsible for any claims for earnings, cures, or other results that the article might make.
  • RSS Feed

    RSS for Mortgages

  • Plugin UAW into your sites and start receiving fresh, unique and niche relevant content today and everyday!