Mortgages in Scranton | Scranton Mortgages


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Helpful tips and terms for understanding how to borrow mortgage money the right way.

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Mortgages in Scranton | Scranton Mortgages

  1. 1. Scranton Mortgage | Mortgages in Scranton Here in Scranton, mortgage lenders are a vital part of the economy. A mortgage is the biggest financial commitment that most families will have to assume in life. The American Dream of owning your own home goes hand in hand with borrowing to buy that home.
  2. 2. Scranton Mortgage | Mortgages in Scranton <ul><li>To help you understand the mortgage process, here are a few terms: </li></ul><ul><li>Mortgagee – the lender of mortgage money </li></ul><ul><li>Mortgagor – the borrower of mortgage money </li></ul>
  3. 3. Scranton Mortgage | Mortgages in Scranton <ul><li>Mortgage – in most states in the US, a mortgage creates a lien on the title to the mortgaged property. Foreclosure of that lien almost always requires a judicial proceeding. </li></ul><ul><li>Deed of Trust, or Trust Deed -- a deed by the borrower to a trustee for the purposes of securing a debt. It differs from a mortgage in that it can be foreclosed by a non-judicial sale held by the trustee. </li></ul>
  4. 4. Scranton Mortgage | Mortgages in Scranton Mortgage money has been in the news in a negative way recently. That's because some lenders were offering mortgages to buyers who would not be able to make future payments, given their income. These ARM's (Adjustable Rate Mortgages) were offered based upon unrealistic expectations of property value increases.
  5. 5. Scranton Mortgage | Mortgages in Scranton Despite the negative effects of some mortgage lending practices on the world economy (so-called “sub-prime lending”), most mortgages and mortgage lenders are sound and sensible. The more you understand about the process and people involved in lending mortgage money, the better prepared you will be to take out such a loan.
  6. 6. Scranton Mortgage | Mortgages in Scranton You need to consider your total household income from all sources before you decide if you can afford a given mortgage on a given property. The “rule of thumb” for how large your mortgage payments should be for a fixed rate mortgage is that your monthly payment should be no more than 1/4 to 1/3 of your monthly income.
  7. 7. Scranton Mortgage | Mortgages in Scranton For more information on working with the best mortgage lender in Scranton for your needs, go to:
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