Ed Righter   Ryco Mortgage Company 132 Crow Canyon Drive Folsom, CA. 95630 Office: (916) 988-6800 Cell: (916) 988-6800 DRE License # 00846348   Email: Righter www.RycoMortgage.com     "The Dream Starts Here!" Purchase, Refinance, Debt Depletion Planning, and Home Buying Consultation Serving Sacramento, Placer and El Dorado Counties since 1995. Owner/Broker licensed since 1982

California Mortgage Brokers - California Mortgage Lenders

How California Mortgages Work

Buying a house is probably the single, biggest purchase you will make in your life. Most likely you will have to borrow the money from a bank or other financial institution by getting a California mortgage -- a long-term loan secured by the property you purchase. A mortgage is a long-term loan that a borrower obtains from a bank, thrift, independent mortgage broker, online lender or even the property seller.
The house and the land it sits on serve as collateral for the loan. The borrower signs documents at closing time giving the lender a lien against the property. If that borrower doesn't make payments as agreed, the lender can take the home through foreclosure. Because mortgages are such large loans, consumers pay them off over long periods -- usually 15 to 30 years. Their monthly payments gradually whittle away the principal balance, slowly at first then rapidly toward the end of the loan. Securing the mortgage loan involves a lot of paperwork; it’s a detailed look at your credit history, employment record and financial assets and liabilities.

You're coming to the finish line in the home-buying race. You’ve found a home you like and can afford, you have a mortgage loan, and now it’s time to close the deal.

The process of "closing," or the settlement of a home purchase, involves keeping track of a lot of paperwork, looking ahead to the life of the loan and building equity. Here is a guide to the final steps of reaching your goal of homeownership.

California Mortgage Brokers - California Mortgage Lenders