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What is a Mortgage?

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A mortgage requires you to pledge your home as the lender’s security for repayment of your loan. The lender agrees to hold a lien on your title until you have paid back your loan plus interest. If you do not repay your mortgage loan, the lender has the right to take possession of your house and sell it in order to satisfy the mortgage debt.

All mortgages have two features in common. The first feature is the mortgage principal, which is the actual amount of money you borrow. So, if you take out a $300,000 mortgage, your mortgage principal is $300,000.

The second feature is the mortgage interest, which is the money you pay for use of the money you borrow. How much interest you pay over the life of your loan depends on a number of factors. The interest you pay on your mortgage can be deducted from your income taxes, which is one of the benefits of homeownership.

Over time, you will repay your mortgage gradually through regular, monthly payments of principal and interest. The amounts of these payments are calculated to let you own your home debt-free at the end of a fixed period of time. During the first few years, most of your payments will be applied toward the interest you owe. During the final years of your loan, your payment amounts will be applied almost exclusively to the remaining principal. This type of repayment method is called amortization.

When you sell your home, you will be required to pay back any remaining principal balance due on your mortgage loan to your lender.

Would you like to know more?  Call Bob Taylor Properties at 323-257-1080 or email at bobtaylorprop@gmail.com

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The Real Estate HomeBuyer's Guide

  • The Real Estate HomeBuyer’s Guide
  • Buying a Home: How We Can Help
  • The Home Buying Process Step 1: The Loan Prequalification and Loan Preapproval
  • The Home Buying Process Step 2: Beginning Your Home Search
  • The Home Buying Process Step 3: Make A Purchase Offer
  • The Home Buying Process Step 4: Your Earnest Money Deposit
  • The Home Buying Process Step 5: Multiple Offers
  • The Home Buying Process Step 6: Counter Offers and Offer Acceptance
  • The Home Buying Process Step 7: Open Escrow
  • The Home Buying Process Step 8: Title Insurance
  • The Home Buying Process Step 9: Review Seller’s Disclosures
  • The Home Buying Process Step 10: Physical Home Inspection
  • The Home Buying Process Step 11: The Loan Processing Process
  • The Home Buying Process Step 12: Lender’s Appraisal
  • The Home Buying Process Step 13: Final Walk Through
  • The Home Buying Process Step 14: Sign Loan Documents
  • The Home Buying Process Step 15: Funding the Buyer’s Loan
  • The Home Buying Process Step 16: Close Escrow
  • Understanding the Escrow Closing Process
  • What is a Mortgage?
  • What is a Contingency?
  • What is Escrow?
  • Why Work with a Buyer’s Agent at Bob Taylor Properties?
  • We Understand Financing
  • We Understand Los Angeles Rental Property
  • We Understand Short Sales

Real Estate Homebuyers Guide

  • The RealEstateHomebuyers
    Guide.com is brought to you by Ann Stalwick and
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    Ann Stalwick is a highly experienced and dedicated real estate agent who loves her career and works tirelessly for her clients. Ann is associated with NELA Homes, a family run real estate and development company originally founded in Northeast Los Angeles (NELA) with over 30 years of experience connecting homebuyers and sellers thoughout Southern California.

    Ann truly listens to her clients’ needs and connects them with the best opportunities available in today's market. She is an expert at selling residential, multi-unit residential and commercial properties throughout all of Southern California.

    Ann knows and appreciates all types of California architecture and design from Historic Homes to Ultra Modern Lofts. Ann would love to help you buy or lease a home anywhere in San Diego County or in the Greater Los Angeles area, or to sell or lease the home you already own.

    Ann is assisted by Real Estate Coordinator & Certified Notary Signing Agent Cheryl Johnson.

    Ann Stalwick
    Cheryl Johnson
    NELA Homes, Inc.
    5532 North Figueroa Street
    Los Angeles, CA 90042

    Ann 442-444-8328
    annstalwick @ aol.com

    Cheryl (assistant and
    certified notary signing agent)
    323-369-4969
    cheryl90042 @ gmail.com lahomestoday@gmail.com


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