History
Understanding the history behind mortgage loans can allow us to fully understand the many facets of a mortgage loan. The word mortgage can be broken down into two Latin terms ‘mort’ and ‘gage.’ ‘Mort’ comes from the Latin term mortuus which means ‘death’ and the latter half of the word is middle English and means ‘pledge’. Mortgages have been around for centuries with evidence of usury throughout history as well as in todays present era. This may be why the term is rooted in such grim verbiage. Imagine being a tomato plant growing in the Sahara Desert and the neighboring cactus (lenders) refuse to share water! I feel parched thinking…
Mortgage Loans for Seedlings
What exactly is a loan? A loan is when money is given to another party in exchange for repayment of the loan principal plus interest. If you do not have enough funds to purchase a home, then you can opt to take a loan from a lender (banks, credit unions, etc). There are several types of home loans/mortgages but the common ones include Conventional, Federal Housing Administration (FHA), United States Department of Agriculture (USDA), and Veteran affairs (VA). Let’s break this down. If you are the seed, then the lender is the water and your knowledge is the sun. The more equipped you are with information, the better the odds…
Housing Grants & Forgivable Loans
Home Improvement Grants –NYS According to investopedia, a government grant is a financial award given by the federal, state, or local government authority for a beneficial project of some sort. It is effectively a gift; it does not include technical assistance or other financial assistance, such as a loan or loan guarantee, and the grantee is not expected to repay the money. Grants are like the free seeds from a fruit bearing tree. There are plenty laying around and all you have to do is pick up the ones that will work for you. First Home Club Matched Savings Program / Home Buyer Dream Program The First Home Club Matched…
