What Is A Mortgage? Mortgages are loans that a mortgage lender or bank gives to help finance a home. There are three typical parts of a mortgage payment: principal, interest, and escrow. Principal is the amount of money you borrow to finance your home. Interest is the money paid regularly at a particular rate for the [...]

A pre-approval is necessary to know how much you can afford before you begin your home search. This way you will only look at homes in your specific price range. A pre-approval is also important to make a confident offer. What Is A Pre-Approval? A mortgage pre-approval occurs when a lender agrees to lend you a [...]