BASICS OF GETTING A MORTGAGE

THE LOAN YOU GET FROM BANK IS CALLED MORTGAGE
THE BANK LOANING THE MONEY IS THE LENDER
THE MONEY YOU PAY TO THE BANK EVERY MONTH IS CALLED MORTGAGE PAYMENT
THE RATE OF INTERST ON LOAN IS CALLED MORTGAGE RATE OR INTEREST RATE
IF YOU DONT PAY YOUR MORTGAGE PAYMENT THE BANK WILL REPOOSSESS THE HOUSE THEN THEY WILL SELL ITTO MAKE SURE THAT THEY CANB RECOP THE MONEY THEY LOANED TO YOU.
THE NUMBER OF YEARS IN US IT TAKES TO PAY BACK LOAN IS CALLED TERM IN US ITS TWO TYPE 15 YEARS AND 30 YEARS

15 YEARS MORTGAGE
1 SAVE A BUNDLE OF INTEREST
2 PAY OF LOAN IN HALF YEAR
30 YEAR MORTAGAGE
EASIER TO QUALIFY
LOWER MONTHLY PAYMENTS
ALLOW YOU TO BUY A HIGHER PRISE HOUSE
HOW YOU CHOOSE BETWEEN THE TWO
IF YOU WANT MORE FLEXIBILITY THEN CHOOSE 30 YERS MORTGAGE
WITH A 15 YEARS MORTGAGE YOU WILL HAVE TO PAY BIGGER AMOUNT EVERY MONTH WHETHIR YOU LIKE IT OR NOT
ON THE OTHER HAND IF YOU CAN DEFINATELY PAY THE PAYMENTS ON A 15 YEARS LOAN THEN YOU CAN TAKE THE 15 YEARSLOAN YOU WILL SAVE A BUNDLE OF INTEREST THIS WAY