First Home Mortgage

The words "first home mortgage" can mean one of two different things. Firstly, it can refer to the first mortgage that a particular person obtains. Secondly, it is the name of a US mortgage company.

When you are considering your first home mortgage you need to understand the concepts and details well enough to make the best decisions for your home loan.

Home Mortgage

A mortgage is the usual method for people to buy a home. The word "mortgage" comes from the French word "mort" which means death, because prior to their invention, most loans for land use were repaid in living things such as livestock or crops, so the new invention was named a "dead loan".

Mortgage is a word for an agreement where cash is made available to the borrower on the understanding that the lender has the right to sell the home if the borrower fails to make the agreed repayments.

The first such loan that a borrower obtains is sometimes made according to different rules than subsequent loans. Sometimes it might be made on a "non-recourse" basis which means that if the borrower defaults and the property is not sufficient to repay the loan then the outstanding balance is not able to be recovered by the lender.

Wholesale mortgage lenders offer a more direct sale of loans than better known lenders and often offer a lower interest rate due to the wholesale broker taking smaller commissions than retail brokers. To find a wholesale mortgage seller, ask your local estate agents, who usually have such contacts.

While it is always good to get the best interest rate at the start of the loan, also take into consideration that the home might be able to be refinanced at a better rate, or on terms which are better in some other way, at a later data. To make this viable, it is wise to consider the amount of any fees payable of the original loan is paid off early.

First home mortgage can also refer to a well-known mortgage company. They can easily be found on the internet to get more details.

First Home Mortgage


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