Sometimes when deciding your options in life things can be unclear, or difficult to understand. Especially when Deciding when to Refinance a Mortgage! Though this term can be scary, right now is the VERY best time to get a grip on understanding what it means. So this brings us to one of the main questions of the chapter, what is a home mortgage? Here is a generalized statement of what a mortgage is, "A mortgage is a lien type loan for a property or home that you pay back in small increments over time. A lien is your collateral to the bank, consider it a sort of promise from you to the bank stating you will pay back the mortgage. If you fail to repay that mortgage the bank can literally take back the property or home". Getting a mortgage on a property or home is a big responsibility, with many different aspects to consider. When you walk into a bank and say, "I want a mortgage!", your going to be overwhelmed with all the different possible options. The mortgages I am going to go over here are as follows: Fixed Rate Mortgage, Adjustable Rate Mortgage, Balloon/Reset Mortgage, and a Reverse Mortgage.
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