Home mortgage basics
As you step onto the road of homeownership, it may become evident, securing a mortgage to finance the purchase of your property is a necessity. A mortgage loan can give you more mobility and options as you search for a home best fitting your wants and needs.
How do I get a home loan?
To secure a home loan, you’ll need to start with a pre-approval process in which you submit an application containing your ID information, credit history and financial information. Once you’re approved by your lender, you’re able to better budget for your home purchase and narrow down the home search.
What is included in a mortgage payment?
Your monthly mortgage payments are comprised of four main units: tax, interest rate, insurance and the principal loan balance. The principal is the sum of money borrowed from the lender, while the interest rate is a fee attached onto the principal balance by the lender for borrowing their loan.
Mortgage lenders may also collect property taxes owed to the state on your behalf. Homeowners insurance is often required when you take out mortgage loans to protect your home in the case of perils and payment is collected by your lender.
Example of mortgage terms
A mortgage term is the length of time you agree to repay your loan balance. The most common mortgage term is 30 years, which offers lower monthly payments; however, shorter terms are available, often between 10 and 25 years.
Shorter terms come with higher monthly payments, but you can save thousands of dollars on interest.
Before committing to a mortgage loan, consider speaking with a lender to explore loan options best fitting your situation.
About the Author
Daniel Martin, Higgins Group Private Brokerage, Licensed in CT, Lic. #RES.6767971
With over two decades of experience in Connecticut real estate, Daniel Martin is a seasoned Realtor at Higgins Group Private Brokerage, renowned for his exceptional market insight and unwavering client dedication. A lifelong Connecticut resident, Daniel's deep roots in the community, coupled with his extensive professional background, provide an invaluable advantage to both buyers and sellers across Fairfield and New Haven Counties.
Daniel's distinguished career is marked by consistent achievement, earning him the prestigious Connecticut Magazine 5 Star Realtor award from 2014 to 2025. He is a perennial Top Producer, recognized as both a Top Listing Agent and Top Selling Agent, a testament to his strategic approach and keen understanding of market dynamics. His expertise spans a broad spectrum of real estate needs, including guiding First Time Home Buyers, navigating transactions for Single and Multi-Family Homes, Land, New Construction, New Residential Developments, Condominiums, Downsizing, and Rentals.
Beyond his impressive track record, Daniel's professional affiliations include memberships with the National Association of REALTORS (NAR), Connecticut Association of REALTORS (CAR), Bridgeport Board of Realtors, Smartmls and Greenwich MLS. His foundational education in real estate from Naugatuck Valley Community College, complemented by studies at Connecticut School of Electronics and Housatonic Community College, underpins his comprehensive understanding of the industry.
Daniel's unique blend of customer service acumen and technological proficiency sets him apart. He leverages every available marketing resource to ensure his clients' homes gain maximum exposure and stand out in the competitive market.
When not orchestrating successful real estate ventures, Daniel cherishes time with his family, including his wife, two children, and four grandchildren. A passionate musician and golf enthusiast, he embodies the vibrant spirit of the Connecticut communities he serves. Daniel's network extends globally, allowing him to facilitate referrals anywhere in the world.
