How long should my mortgage term be?
April 23, 2014You can get a mortgage with a term of anywhere from six months to 10 years. Remember: the shorter the term, the lower the interest rate. A short-term mortgage might be the (more...)
You can get a mortgage with a term of anywhere from six months to 10 years. Remember: the shorter the term, the lower the interest rate. A short-term mortgage might be the (more...)
Some costs—like property taxes—aren’t billed monthly, so you’ll have to do some calculations to break them down into monthly costs. Mortgage payments Probably your biggest monthly expense. The actual amount depends on (more...)
You can make accelerated payments. You can make principal prepayments. You can make double-up payments. You can choose a shorter amortization at renewal.
Once you’ve settled on your down payment, you still need to handle: Closing costs: these include items like a professional home inspection, legal fees, closing and adjustment costs, interest adjustment costs between (more...)
Yes, under certain conditions. This means you don’t need to get a separate loan for renovations. If the improvements are cosmetic (i.e. replacing kitchen cabinets, refinishing hardwood, etc.), your mortgage loan insurance (more...)
If you’re paying child support and/or alimony, that amount is generally deducted from your total income before any other calculations. (You may need to show proof of regular payment.) If you’re receiving (more...)
If you need a mortgage for more than 80% of the purchase price of your home (i.e. a high-ratio mortgage), you’re required by law to have this insurance, aka mortgage default insurance. (more...)
It depends on a few things: The price of the house. In most cases, the minimum down payment is 5% of the purchase price. Any purchase price greater than $250,000 requires a (more...)
It means you’ve got a guaranteed interest rate from a lender for a specified period of time (usually 60 to 120 days) on a specified amount of money. It’s not a guarantee (more...)
YOU NEED TO FIGURE OUT THREE THINGS: Your gross monthly income: the combined monthly salary and any other income—from investments, etc.—before taxes and deductions, of all people buying the property. Your monthly (more...)
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