Listen to mortgage ads and youll hear about everything under the sun. So what does a cheap home payment mean?

Considering the current market price of houses and their drastic increase, the need for a mortgage arises when buying a house. With house prices over half a million for a typical house in many areas, almost no one can afford to buy a house. For this reason, almost every prospective home owner approaches lenders to get a home loan or mortgage loan. This mortgage basically buys ...Read more

Listen to mortgage ads and youll hear about everything under the sun. So what does a cheap home payment mean?

Considering the current market price of houses and their drastic increase, the need for a mortgage arises when buying a house. With house prices over half a million for a typical house in many areas, almost no one can afford to buy a house. For this reason, almost every prospective home owner approaches lenders to get a home loan or mortgage loan. This mortgage basically buys the house for you from the lender and holds the house until you gradually buy it back from the bank with monthly payments. The interest you owe is based on how much the homes value increases after you buy the home and how much the loan is paid off.