As you’ll see in the video, a lower interest rate allows you to borrow more money than a high rate with the some monthly payment. Interest rates can fluctuate as you shop for a loan, so ask lenders if they offer a rate “lock-in” which guarantees a...
The original phrase “mort gage” translates as “death pledge”! But as this video explains, a mortgage is a loan obtained to purchase real estate. The “mortgage” itself is a lien – a legal claim on the home or property that secures the promise...
As this story shows, the amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term, and the payment schedule, will all affect the size of your mortgage payment. In bullets: down payment loan size interest...
The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes, homeowner’s insurance, and mortgage insurance, if applicable. If you are refinancing, compare what is and isn’t included in your...
There are mortgage options available that only require a down payment of 5% or less of the purchase price. You’ll see some pictures in this video to help you remember later – but, the larger the down payment, the less you have to borrow, and the more...
Usually, Yes. Like the video says, by sending in extra money each month, or making an extra payment at the end of the year, you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess payment is to be...
