Real Estate Mortgages Explained: Complete Guide for Buyers & Sellers

🏦 What Is a Real Estate Mortgage?

A mortgage is a loan used to buy real property, secured by the home itself. The buyer (borrower) agrees to repay the lender over time, with interest. Understanding loan types, terms, and costs is essential before signing.

🧩 How the Mortgage Process Works

The mortgage process moves through several stages — from pre-approval to closing. Each step helps lenders assess your creditworthiness and ensures the loan fits your finances.

• Mortgage Pre-Approval — Confirms how much you can borrow before house hunting.
• Mortgage Application — Submit your documents and credit information to lenders.
• Loan Estimate — Review rates, fees, and total costs within three business days.

📉 Understanding Mortgage Rates

Interest rates determine how much you’ll pay over time. Learning how to compare and lock rates can make a big difference in affordability.

⚖️ Mortgage Types & Terms

Mortgages come in many forms — fixed-rate, adjustable-rate (ARM), FHA, VA, and conventional loans. The right choice depends on your goals, credit, and budget.

• Fixed-Rate Mortgage — Stable monthly payments over the loan term.
• Adjustable-Rate Mortgage (ARM) — Variable interest that can change over time.
• FHA Loan — Government-insured loan for qualified buyers.

🤝 Choosing the Right Lender

Every lender offers different programs, fees, and service levels. Comparing several options ensures you get the best possible rate and loan terms.

🏡 Finance Confidently with Brokerless

Brokerless gives home sellers and buyers the knowledge to navigate the mortgage process — from pre-approval to closing — while saving thousands in commissions.