Mortgage Loan

A mortgage is/are funds borrowed from a bank, mortgage lender or mortgage broker to finance the purchase of a home.  They are usually paid off in therms of 5, 15 or 30 years, with monthly payments being made that include interest on the loan, insurance and additional costs.  There are several types of mortgages, but these are some more common mortgages:

 

Conventional Loan

FHA Loan

VA Loan