The day you are handed the keys to your first home in the City of Angels will feel like a dream come true. But searching for your first home and shopping for the right mortgage can prove to be an involved process. Here are a few things you should know before you embark on your quest. 1. The housing market is very competitive right now. First, California is experiencing a housing crisis right … [Read more...]
What is a Mortgage Loan?
A mortgage requires you to pledge your home as the lender's security for the repayment of your loan. The lender agrees to hold the title to your property (or in some states, to hold a lien on your title) until you have paid back your loan plus interest. If you do not repay your mortgage loan, the lender has the right to take possession of your house and sell it in order to satisfy the mortgage … [Read more...]