Eagles Mortgage is one of the leading mortgage companies in Downey, CA with some of the most well-trained experts in the country as part of our team. But what’s a mortgage company anyway – and how can what we do for a living help you?
Here’s everything you should know about hiring a mortgage company.
First, What’s a Mortgage?
Let’s talk about mortgages first. Mortgages are re-payments on property, whether business or commercial. When you buy a property, you’ll go through an escrow company, then get a loan at the same time, you don’t own the property until the time the loan has been fully paid off – and until then, it belongs to the institution which granted the credit to you.
Who Qualifies for a Mortgage?
The majority of people who purchase a home do so with the help of a mortgage. If you are unable to pay the whole cost of a home out of pocket, a mortgage is required.
There are some situations where having a mortgage on your house makes sense even if you have the money to pay it off. For example, investors may mortgage real estate in order to free up capital for other ventures.
Certain eligibility requirements must be met in order to qualify for the loan. As a result, a person who obtains a mortgage will most likely have a consistent and reliable income, a debt-to-income ratio of less than 50%, and a good credit score (at least 580 for FHA loans or 620 for conventional loans).
What Is The Distinction Between A Loan And A Mortgage?
The term “loan” can refer to any financial transaction in which one party gets a flat payment and agrees to repay it.
A mortgage is a sort of loan used to fund real estate. Although a mortgage is a sort of loan, not all loans are mortgages.
Mortgages are loans that are “secured.” A secured loan requires the borrower to pledge collateral to the lender in the event that they fail to make payments. The collateral in the case of a mortgage is the residence. If you stop paying mortgage payments, your lender has the right to repossess your home, a process known as foreclosure.
What Does a Mortgage Company Do?
Simply put, we’re a mortgage company. This means that we handle purchase loans, loan modification and any other short-sell consultation services that you might require as an existing home owner or someone who would like to own their own property.
We can help to “re-mortgage”, or refinance, an existing property, or we can help you to adjust the current terms on what you already have. We can also help with the securing of property loans for home and business, and terms explained in a language everyone around the table understands.