A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan.
A home buyer or builder can obtain financing (a loan) either to purchase or secure against the property from a financial institution, such as a bank or credit union, either directly or indirectly through intermediaries. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
it is normal for home purchases to be funded by a mortgage loan. Few individuals have enough savings or liquid funds to enable them to purchase property outright. In countries where the demand for home ownership is highest, strong domestic markets for mortgages have developed.
The U.S. Department of Housing and Urban Development (HUD) offers a comprehensive gloassary of mortgage lending terms. CLICK HERE to access this handy reference.
IN THIS SECTION:
|Links to lender resources|
|Virginia Mortgage Checklist|
|VAR's Short Sales & Loss Mitigation Resource Center|
Specific solutions offerings vary by institutional lender. Additionally, many lenders have in-house and other additional mortgage solutions to meet specific customer needs. We encourage you to directly contact organizations in your region for more information. The following links lead you to more specific information on the structure of each product, plus documentation and underwriting requirements. Prospective borrowers should contact a professional to find the best product for their specific situation.
The Virginia Association of REALTORS®, in conjunction with the Virginia Mortgage Lenders Association, has created for consumers a helpful checklist you can print and use to begin gathering much of the initial paperwork that is typically required by most lenders to process a loan application. Documentation requirements will vary based on lender and loan type. Work with your local lender on your financing options.
CLICK HERE to download a .pdf of the Virginia Mortgage Checklist