What is a mortgage loan?

A conditional conveyance of property as security for the repayment of a loan. In other words - the loan is secured by the property and the property ownership will revert to the lender upon default. 

When considering a mortgage there are many things to consider, not just the rate!  Loans vary in many ways from prepayment penalties, closing costs, and points due at closing.  When comparing loans always ask for a Good Faith Estimate from the lender.  This is a breakdown of the anticipated costs in a standard format that each lender uses. This way you can compare loans side by side and see the different charges. 

Rates for mortgages range greatly depending on the type. An adjustable rate loan can start as low as 3%+/- while a fixed rate loan can range from 5-7% depending on credit at the present time.   When comparing rates make sure you compare "apples to apples".

Types of mortgage loans (click on each for more info):

There are many types of mortgages to choose from (more selections depend on the company):

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