Buying a home is not cheap. It is one of the most expensive purchases in a family. For most, buying a house entails acquiring a mortgage to facilitate their purchase. Whether you’re building your dream home or buying an existing property, it is highly likely that you will need a loan to make it happen. This piece highlights what you need to know if you plan on financing your first home.
A loan used to purchase a home is called a home mortgage. The owner of the property (the borrower) transfers the title to the lender. Such transfer is subject to the condition that the title will be transferred back to the owner once all the terms of the mortgage have been met.Continue reading “Basics on Financing Your First Home”