All over the world people buy homes or invest in real
estate by taking mortgage loans. Banks, financial institutions,
insurance companies, credit unions and mortgage bankers
offer individuals a large number of options for home loans.
In each case, the term of the loan and the interest rate
can fluctuate based on the changing financial market
conditions and a real estate boom.
Years ago, the bank or institution you borrowed
from lent the money from their own pool of funds. Today
the system has changed. Most home loans come from three
• The Federal National Mortgage Association
• The Federal Home Loan Mortgage Corporation
• The Government National Mortgage Association
loans are the large loans that home buyers use to
finance their homes. Mortage loans are usually the largest
loans taken out by individuals. It usually takes many years
to pay it off. The loan is secured against their home
which means that your home belongs to the bank
until the loan is paid.
order to speed up the application process for a mortgage loan at
a bank, take the time to find out what
the bank requires. By taking this simple step, you will be
able to present yourself at the bank of your choice
with all the relevant documents when it comes time to actually apply for
the mortgage loan.