Mortgage Loans in Lake County

Loans that use Lake County real estate as collateral are called mortgages. The most common use for a mortgage loan around Clear Lake is to fund the purchase of a home. Mortgages are defined not only by type (conventional, adjustable etc.) but also by the length of repayment, usually 15-30 years (although 40 year loans are becoming more popular due to California’s expensive housing costs).

Most mortgages will require monthly or bi-weekly payments which will include the interest, principal and any escrow account payments. The escrow account is used to pay for homeowners insurance and Lake County property taxes.

If you can afford the higher payments of a 15-year mortgage you will save yourself a substantial amount of money in the long term. Not only do these shorter term loans usually come with lower interest rates but you will also be paying down the principle much faster.

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