How to Get a New House Mortgage

Part of the Video Series How to Pick a Mortgage

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Getting a home mortgage and how to understand different home loans in this free video on real estate and bank loans.

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How to Get a New House Mortgage
Hi! This is Jim DiVietri from Allied Home Mortgage in Lansing, Michigan on behalf of Expert Village. In this clip, we're going to talk about what a mortgage is. A mortgage is money that a bank or a mortgage company will lend you so that you can purchase a house. That sounds really simple, but there are so many different kinds of mortgages. My job is to find out what mortgage will fit you and find out from you what kind of mortgage you're looking for. Most people think of a mortgage as 30 year. That seems to be the one that we sell the most of. You get an interest rate that's fixed. Let's say a 6.5 interest rate is fixed for 30 years. It's amateurised. Say we borrow 100,000 dollars. You put 25,000, so we'll financing about 78%. The mortgage company or bank will come in and give you that 78%. The interest rate is fixed for 30 years and it's amateurised over 30 years. Your payment's going to be somewhere in the seniti of about 650 dollars a month. There are other kind of mortgages and we'll get into those later.

About the Expert

Expert: Jim DiVietri Worked as a mortgage loan officer for over 5 years in Lansing, MI. Read More