Mortgage Basics

What is a Mortgage
A mortgage loan is a loan that a bank or lender gives you to help finance the purchase of a house. It is most advantageous to borrow approximately 80% of the value of the house or less. The house you buy acts as collateral in exchange for the money you are borrowing to finance the house (mortgage).
Understanding Mortgage Credit Scores
Before you start house hunting and getting pre-approved for a home loan, you should check your credit report and get your FICO scores. Why? Your credit rating may be the single most important piece of financial information you have to obtain a mortgage at the best interest rate.
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