Mortgage Lenders
Mortgage lenders are financial institutions or individuals that provide loans to people for purchasing homes. When someone wants to buy a house but doesn't have enough cash, they can apply for a mortgage, which is a secured loan. The lender evaluates the borrower's creditworthiness, income, and the property's value before approving the loan. Borrowers repay the loan over time, usually with interest, while the lender holds a lien on the property as collateral. If the borrower fails to repay, the lender can reclaim the home through a process called foreclosure.
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Mortgage lenders are financial institutions or individuals that provide loans to homebuyers to purchase real estate. When someone wants to buy a home but doesn't have enough cash, they approach a mortgage lender for a loan. The lender evaluates the borrower’s financial situation, including income, credit score, and debt, to determine if they qualify for a mortgage. The loan is typically secured by the property itself, meaning if the borrower fails to repay, the lender can repossess the home. Borrowers repay the loan over time, usually through monthly payments that include interest and principal.