Getting a Mortgage...

Have you ever heard someone say I’m getting a mortgage?  This is not correct.

When financing the purchase of a home, the Lender gives you a note (promise to repay) and you give the Lender a Mortgage which puts your home up as collateral against the note.

This is why you can get a big loan for 4%, a smaller loan to buy a car at 6% but credit cards are often around 10% with much smaller limits because the credit cards are considered un-secured debt.

To learn more, please click here to visit our website. We are experienced REALTORs based out of Carmel, Indiana. Our team is dedicated to helping our clients Sell their House or Buy a new Home.

What is a Lender?

Most people refer to getting a mortgage with their bank.  
Of course banks can lend money to buy a home but in this capacity they are a lender.  Banks are where we have checking and savings accounts and get credit cards.  Most of the time, the Lender is facilitating the transaction and is in essence “Servicing” the loan for an underlying investor such as Freddie Mac or Fannie Mae.  Some Lenders keep the loan in-house like Credit Unions.

Please call Fred Krawczyk & Associates, We areexperienced REALTORs based out of Carmel, Indiana. Our team is dedicated tohelping our clients Sell their House or Buy a new Home.