Explanation:
The monthly mortgage payment increases as the mortgage term shortens, while the interest rate and overall interest costs decrease.
Explanation:
Although it is undoubtedly possible for borrowers with lower credit scores to qualify for a mortgage, lenders often ask that customers have a minimum credit score of 680 in order to acquire the best interest rate.
Explanation:
A fixed rate mortgage has a fixed monthly payment and interest rate for the duration of the loan, making it the least risky type of mortgage.
Explanation:
You could put down as little as 3.5 percent of the total cost (or even nothing in some circumstances!). There are many FHA and specific Community Lending Programs available, however, you will need to pay for private mortgage insurance.
Explanation:
Mortgage, property tax, and other debt payments frequently account for up to 45 percent of borrowers' monthly gross income.
Explanation:
Your mortgage payment PLUS property taxes, insurance, plus any other potentially applicable expenses like HOA fees, PMI, or FHA MIP make up your total monthly housing expense.
Explanation:
Within three days of receiving a loan application, lenders are required to issue a Loan Estimate that details important mortgage parameters, such as interest rate and expenses.
