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Mortgage Loan

mortgage loan

What Is A Mortgage Loan?

Mortgage loans are used for the purchase of either a home or land.

Who can qualify for mortgages?

The qualification process for mortgages is based primarily on income and credit rating. Generally speaking, these are the criteria for taking out a mortgage loan:

  • Legal age (18 in most states)
  • Employed (generally six months of employment is required)
  • FICO score of 620 (higher scores will get better interest rates)
  • In most cases, you will have to provide pay stubs and tax returns to qualify for a loan. The bank will also check your credit history for late payments, especially if they were late payments on a previous mortgage.

What types of mortgages are there?

FHA loans – these loans are backed by the federal government and were created to help individuals who couldn’t normally qualify for a home.

  • Traditional mortgage loans
  • Investor mortgages

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