Mortgage Help

for Homebuyers

What's a Mortgage, Anyway?

Quite simply, a mortgage is a loan for the amount of money your home is worth. There are many different kinds of mortgages depending on your area, financial history, and credit score. Use this page as your guide to mortgages while buying a Lake Norman home.

First time homebuyer? We have a page for that, too.


Different Kinds of Mortgages

Just like there's more than one kind of house, there isn't just one catch-all mortgage. What type of mortgage you qualify for depends on your income, location, and credit history. When shopping for a mortgage, it's important to know your options. Make sure you talk to at least two or three different lenders before deciding on one.

conventional mortgage is what most homebuyers think of when they think about mortgages. This is a loan offered by a bank or private lender. Typically, there are two kinds of conventional mortgages: fixed-rate and adjustable-rate.

fixed-rate mortgage has the same interest rate for the entire repayment term. This is a great option if you want a consistent payment every month. An adjustable-rate mortgage has an interest rate that changes year after year. It starts off with lower rates in the beginning, and then slowly increases over time, making your payments less certain.

Depending on your financial situation, a conventional mortgage may not be right for you. That's where government-backed mortgages come in. There are three types of government-backed mortgages for homebuyers.

Federal Housing Administration (FHA) mortgage  is managed by the federal government. These loans are available to many kinds of buyers and typically come with low down payments. However, with FHA loans the buyer is required to purchase mortgage insurance, which may increase the size of monthly payments.

VA Loan is a great option for active or retired military personnel. VA loans don't require a down payment. 

USDA Loan is managed by the U.S. Department of Agriculture. These loans are for rural-area buyers with low or modest incomes who do not qualify for conventional financing. You can learn more about USDA eligibility here.


How Much is a Mortgage?

It depends on your interest rate, and what kind of mortgage you have. There are four components to a typical mortgage payment. They are principal (this is the amount of your mortgage before interest or taxes), interest (the fee you pay to the lender for the mortgage), taxes (these are typically calculated on a yearly basis by the government, but can be paid as part of a monthly payment), and insurance (property insurance and/or mortgage insurance).

Estimate Your Mortgage Payments

With Our Complimentary Mortgage Calculator


Buying a Home in Lake Norman?

We Can Help

If you're on the hunt for the perfect home in the Lake Norman area, check out these community guides to learn more about the different neighborhoods, cities, and towns here. 

Local Area Guides for Lake Norman

Featured Homes for Sale


Find Your Dream Home in Lake Norman


Work With a Home Buying Expert

An experienced real estate professional can streamline your real estate experience, saving you time, money, and a few headaches. When you choose to work with me, Michael White, that's exactly what you're getting. I will work hard to achieve all of your real estate goals while eliminating your stress, and always putting your needs first. Contact me today to learn more. 

Based on information submitted to the MLS GRID as of 08/05/20 12:03 PM. All data is obtained from various sources and may not have been verified by Michael White or MLS GRID. Supplied Open House Information is subject to change without notice. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. This data is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing.

CanopyMLS

The Digital Millennium Copyright Act of 1998, 17 U.S.C. § 512 (the "DMCA") provides recourse for copyright owners who believe that material appearing on the Internet infringes their rights under U.S. copyright law. If you believe in good faith that any content or material made available in connection with our website or services infringes your copyright, you (or your agent) may send us a notice requesting that the content or material be removed, or access to it blocked. Notices must be sent in writing by email to DMCAnotice@MLSGrid.com.

The DMCA requires that your notice of alleged copyright infringement include the following information: (1) description of the copyrighted work that is the subject of claimed infringement; (2) description of the alleged infringing content and information sufficient to permit us to locate the content; (3) contact information for you, including your address, telepohone number and email address; (4) a statement by you that you have a good faith belief that the content in the ammner complained of is not authorized by the copyright owner, or its agent, or by the operation of any law; (5) a statement by you, signed under penalty of perjury, that the information in the notification is accurate and that you have the authority to enforce the copyrights that are claimed to be infringed; and (6) a physical or electronic signature of the copyright owner or a person authorized to act on the copyright owner's behalf. Failure to include all of the above information may result in the delay of the processing of your complaint