If you’re not familiar with the vocabulary of mortgages, it may seem like loan originators are speaking another language when they discuss your loan options. This section will prepare you for the important conversations you will have when it’s time to choose your mortgage.
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A mortgage is a loan you take out to purchase, refinance or extract equity from a real-estate property.
It’s very difficult to pay for a home all at once in cash, which is why most Americans get a mortgage and pay the loan off a little at a time every month. Unlike paying rent, though, making mortgage payments can be an investment:
Besides these financial opportunites, there is the priceless value that comes from having your own home to do whatever you want with.
Cracking the home loan codeThere are many elements that make up a mortgage. All these financial concepts may seem daunting at first, but with the resources in this Learning Center and the guidance of our Loanwise specialists, you’ll understand enough to make the best decisions for your finances and your future.