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Mortgage Loans & Finance

Mortgage Loan [mor-gij] [lown] n.: a legal agreement in which a potential owner (borrower) receives monetary assistance from a private company or government agency in order to purchase real property (such as a house and/or land) while agreeing to repay amount owed plus interested gathered over a period of years.

Taking on a mortgage can be a daunting experience for some. Fortunately, the Richard Elias Real Estate Team has priority access to information, contacts and resources that can help in navigating the process. Our clients find that the combination of tools available to us as industry experts coupled with our 30+ years of experience and access to the mortgage industry is extremely beneficial.

Contact us to request a FREE pre-qualification or calculate the potential amount of your mortgage.

Access more information on the importance of receiving a pre-qualification for your mortgage in the Buyer Resources section of our website.

Conventional
Conventional mortgage loans are issued by private companies and banks, who are willing to bear the financial risk of your loan. Therefore, these loans tend to have higher interest rates and down payment requirements. Conventional mortgage loans are perfect for potential homeowners with average to above average credit and a strong financial foundation. If this looks like you and taking out a conventional mortgage loan is something you are interested in, the Richard Elias Real Estate Team can help in navigating the process. Request FREE pre-qualification or calculate the potential amount of your mortgage on the Mortgages page of our website.
FHA (HUD)
All mortgage loans are lent from different companies as well as government agencies. The Federal Housing Administration (FHA) is one of these agencies. The FHA was created as a part of the National Housing Act of 1934, a reaction to the Great Depression and meant to protect the interest of the public in matters of lending and foreclosure. The FHA insures mortgage loans made by approved lenders. Which means the FHA is promising to repay the mortgage loan if the potential homeowner is unable to repay the amount of the loan, including interest, when payment is due. These mortgage loans are designed to help a wider variety of buyers, especially first time homebuyers, because FHA loans tend to have lower interest rates and the qualification requirements. If this option may be right for you and you are interested in learning more, the Richard Elias Real Estate Team can help in navigating the process. Request FREE pre-qualification on the Mortgages page of our website.
VA (Military)
All mortgage loans are lent by different companies as well as government agencies. The Veterans Administration (VA) is one of these agencies. VA mortgage loans may only be used by veterans and active duty members of our military. These loans are designed to help a wider variety of veterans and active duty military members because VA loans tend to have lower interest rates and qualification requirements. If this option may be right for you and you are interested in learning more, the Richard Elias Real Estate Team can help in navigating the process. Request FREE pre-qualification on the Mortgages page of our website.

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