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Basics of Dallas Mortgage Loans and How to Get Them

By Genny Stutesman Subscribe to RSS | April 3rd 2012 | Views:

A mortgage is a loan evidenced by a mortgage note, and secured by a real property. The contract is between a mortgagor or borrower who agrees to pay the mortgagee or lender periodically. This property can be forcibly sold to a third party in the event the mortgagor cannot pay according to the agreed terms. Buyers usually mortgage the houses they intend to purchase if they cannot pay for the house in cash.

In the US, origination is the term used for the process of securing a mortgage. The borrower submits a loan application and relevant documentation to a mortgage underwriter, usually a bank. Underwriters determine if the borrower is a good risk for the mortgage by checking the latter’s financial and credit history. State laws apply to the underwriting process.

The amount can you borrow from a lender varies according to your financial status; and the value of the property to be secured as collateral. Of course, it would be easier for you to secure a loan if you have a high income and a good credit history. Lenders don’t usually loan out the total value of the property but instead give you only up to 75% of it.

The cost of the mortgage is based on the size of the loan and the nature of the interest rate attached to the loan. If your loan is based on a fixed interest rate, then your monthly payments will be fixed as well. If it is based on prevailing interest rate on your scheduled payment dates, then you will be paying different amounts every month.

When taking a mortgage loan, be aware of the tax laws in the locality where you made your mortgage. Compare the interest rates between potential lenders. Be aware of how the real estate industry works in your area. For example, if you live in Dallas, Texas, the nature of your Dallas mortgage loan might be different from the nature of the mortgage if it was taken from another city or state.

If you want to have an easier time paying off your Dallas mortgage loans, you can use an FHA (Federal Housing Administration) loan. FHA loans allow you to give a low down payment to a lender approved by the FHA. If your spouse is a war veteran, you can use a VA (Veterans Affairs) loan to your benefit.

These are only a few of the important facts you need to know about Dallas mortgages. You might also want to insure your mortgage in case something happens to you or the property you pledged as collateral. For tips on reducing your mortgage payments, read

Genny Stutesman - About Author:
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