What Is A Mortgage?
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...What Factors Affect Mortgage Payments?
Well, 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 payment schedule will all affect the size of your mortgage payment. In bullets: down payment loan size interest rate...What Is Included In A Monthly Mortgage Payment?
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...How Large A Down Payment Do I Need?
There are mortgage options now 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 – the larger the down payment, the less you have to borrow and the more equity...Can I Pay Off My Loan Ahead Of Schedule?
Usually, Yes. Like the guy in 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...
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