Barry Dantagnan has served as a real estate agent for over 25 years. A top producer in Coldwell Banker’s Sherman Oaks, California, office in 2013 and 2014, Barry Dantagnan has experience administering mortgage loans.
Also known as a lien against property, a mortgage loan is a form of credit used to finance the acquisition of a house. In this form of agreement, a buyer, which can even be an organization, receives financing from a lender, usually a bank, to buy a house, which constitutes the loan’s security.
The buyer is obligated to pay back the amount loaned over a specified period, with interest, and in case of default, the lender can evict the buyer and sell the home to recover the outstanding amount. This is known as foreclosure.
Mortgages can vary in their length from five to 50 years, periodic payment amounts, and interest rates, with some having fixed and others variable rates.