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How a Mortgage Works

How Mortgage Works Julie Aragon

Understanding how a mortgage works can aid you in all your decisions when it comes to determining what type of financing will best satisfy your needs when buying a property. So follow along with me to learn the basics of how a mortgage works.

1. The Contract Defines the Terms

When it comes to financing a piece of real estate, the contract defines the terms of a loan. The contract is established so the lender can recover the property in case the terms of the contract aren’t met (otherwise known as foreclosure.) Eeeek! I hope this never happens to you – but if it does, I’m here to help you recover!

2. Payments for the Mortgage

The payments for the mortgage are divided between the principal, aka the amount that is borrowed, and the interest, which is what the lender charges you to borrow the money. So, say you take out a thirty-year fixed mortgage, then payments during the first twenty years will be made up of more interest than principal. Because the interest on a longer term loan spans over a greater period of time, it’s a good idea (if you can afford to do so) to choose a loan with shorter terms to save on the interest you’ll spend. Of course, your choice in a loan package will be contingent on how long you plan to live in the property and your future plans.

3. Learn more about loan packages

If you’re stll unclear about how a mortgage works, or you’re interested in learning more about how The Julie Aragon Lending Team can help you, please contact us or browse more posts to discover more. We have a variety of mortgage options. Let us help you realize your dream of home ownership starting today!

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My hubby and I worked with Julie to purchase our first home and it was awesome
We actually screened a bunch of lenders before we decided to work with Julie, and we are really happy we did the research. Julie kept the process simple for us.    

She was able to help us understand the entire process
I would say without her and her team we probably would have lost our minds worrying over every little thing but she was able to help us every step of the way.

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You made it happen! When others always denied us... Thank you so much for helping us refinance our home! You are a miracle woman!

Her professional yet enthusiastic demeanor immediately put us at ease
...and actually turned an intimidating process into an exciting one. She sent us frequent updates, answered our questions quickly and thoroughly, coordinated with our realtor and escrow and just overall made everything run so smoothly.

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The Turnkey Foundation, Inc. d/b/a Arbor Financial Group is an Equal Housing Lender. In all jurisdictions, the principal {NMLS: 236669} licensed location is 2932 Daimler Street, Santa Ana, CA, 92705. {Julie Aragon MLO #250691}