Mortgage Basics – Types of Mortgage Loans

Mortgage Basics - Types of Mortgage Loans by Horizon Home Mortgage

Lenders – banks and financial institutions – have their own individual mortgage products or types of mortgage loans. However, these loan products typically fall into these categories.    What is a loan product? The very basic definition of “loan product” is simply “a type of loan account”. For example a 15-year, fixed rate mortgage is… [Read More]

Mortgage Basics – Escrow

Part 2 of our Mortgage Basics series. Escrow is part of the mortgage process in a real estate transaction. Understanding escrow is important in understanding mortgage basics. If you haven’t yet, please read Part 1, “Mortgage Basics” What is Escrow? An escrow is an account. Essentially, it is a “holding account”. An escrow account can… [Read More]

Mortgage Basics – Part 1

Mortgage Basics by Horizon Home Mortgage

If you are considering purchasing your first home, the process may be overwhelming. One of the key aspects is financing your home purchase. Let’s review mortgage basics and put you in a better decision making position. Part 1 of 8 There are lot of terms thrown around in the mortgage industry like escrow, pre-qualification, pre-approval,… [Read More]