Wells Fargo is also frequently considered one of the best banks for first-time home buyers, an overall best bank to get a mortgage from, and a best bank to refinance with, thanks to their competitive rates, service, and a variety of products.Do mortgage lenders have minimum mortgage amounts?
Mortgage programs backed by the government (FHA, VA and USDA) have no minimum mortgage amount. Home loans backed by Fannie Mae and Freddie Mac do not require a minimum amount. However, mortgage lenders almost always impose minimum mortgage amounts and/or extra fees for smaller loans.Is a mortgage a secured loan?
A mortgage loan is a secured loan in which the collateral is property, such as a home. A nonrecourse loan is a secured loan where the collateral is the only security or claim the creditor has against the borrower, and the creditor has no further recourse against the borrower for any deficiency remaining after foreclosure against the property.