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 to be ...
How Does The Interest Rate Factor In Securing A Mortgage Loan?
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 specific interes...
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 siz...
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 financing o...
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 you'll ...
What About A Home Located In A Flood Plain?
A flood plain is an area of land adjacent to a stream or river that experiences flooding during periods of high discharge. Watch this video and it’ll make sense.
If you live in a flood plain lenders will require that you have flood insurance before lending any m...
What Are “Home Warranties”, And Should I Consider Them?
You’ll see some pictures in this video to help you remember later, but essentially, home warranties offer you protection for a specific period of time, such as one year, against potentially costly problems like unexpected repairs on appliances or home systems wh...
Are There Special Mortgages For First-Time Homebuyers?
Yes. Like the video shows, lenders now offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that made purchasing a home difficult in the past.
Lenders may now be able to help borrowers who don't have a lot of money saved fo...
What Is Earnest Money, And How Much Should I Set Aside?
Like the video shows, “earnest money” is money you put down to demonstrate your seriousness about buying a home. It must be substantial enough to demonstrate good faith and is usually between 1-5% of the purchase price though the amount can vary with local...
Is An Older Home A Better Value Than A New One?
Well, as this story shows, there isn't a definitive answer to this question. You should look at each home for its individual characteristics.
Generally, older homes may be in more established neighborhoods offer more ambiance and have lower property tax rates. People...