Generally speaking, a mortgage is a loan to purchase real estate. The mortgage itself is a lien, a legal claim on the home or property that secures the promise to pay the debt. All mortgages have two features in common: principal and interest.
Read Also: What Is A Balloon Mortgage
The principal is the amount you’re borrowing, which is secured by the lender’s claim on the property.
The interest, usually stated as the percentage rate, is the additional amount paid for borrowing mortgage interest, which is compounded interest on interest over time.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.