Understanding Mortgage Terminology
Mortgage – down payment
The amount of money that you pay in cash towards your home purchase. The rest of the purchase money will be made up of one or more mortgages. Saving up a down payment is one of the challenges of attaining home ownership. Different mortgages and purchase plans require a certain percentage of [...]
Finding a Mortgage for Bad Credit
Mortgage loans for bad credit are available, but interest rates, points, and down-payment percentages are all likely to be higher than for people with better credit scores.
Related Reading:
Mortgage Ripoffs and Money Savers: An Industry Insider Explains How to Save Thousands on Your Mortgage or Re-Finance
A List of Mortgage Companies
The State of Utah Dept of Financial Institutions has a very good list of mortgage lenders here.
Related Reading:
The Rise and Fall of the US Mortgage and Credit Markets: A Comprehensive Analysis of the Market Meltdown
How a Mortgage Works
A mortgage is a type of loan which is “amortized” (spread out) over a long period, normally 15-30 years. Each payment you make consists of principal (the actual loan money you received being paid back) and interest. At the beginning of the mortgage, almost all the payment you make each month consists of interest so [...]
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