payment

3 minutes read
We know how exciting it is to get the first set of keys to your very own house. But before you get there, you must get past one struggle that is common to most people who want to become homeowners  — the down payment. The mortgage down payment is an essential element in homeownership. It affects a lot of things in a mortgage. The higher the down payment, the more favorable the interest rate becomes. Also, th...
5 minutes read
Mortgage payments take up a significant part of your monthly income. When buying a home, how much of your paycheck goes to paying your home loan is therefore a significant point of consideration. Take note that it is not the only expense you’re going to have to answer to. There are your utility bills, your groceries, your credit card payments, etc. So the question remains: is there any way I can lower my mort...
3 minutes read
If you take out an FHA loan, you’ll pay mortgage insurance for the life of the loan. The mortgage insurance protects your lender should you default on the loan. It’s in exchange for the low down payment requirements and flexible underwriting requirements the FHA offers. Get Matched with a Lender, Click Here. Just how much does the FHA MIP affect your mortgage payment? We take a look below. UPFRONT MORTGAGE ...
3 minutes read
If you can’t come up with a large down payment for a home, you may consider an FHA loan. Because you can qualify for a loan with just 3.5% down, it may be easier to buy the home of your dreams. The FHA makes it easier for first-time homebuyers as well as repeat buyers to buy a home. Looking for Current Mortgage Interest Rates? Click Here. Below we help you understand the down payment rules and how they apply ...
3 minutes read
You’d think if you missed your mortgage payment due date (usually the 1st of the month) that your mortgage payment is late. That’s not the case though. You have a little longer than you think to get your mortgage payment into your lender before you pay the late fee. Compare Offers from Several Mortgage Lenders. STAY IN CONTACT WITH YOUR LENDER Some lenders start making collection phone calls after you miss...
4 minutes read
You are ready to buy a home, but you worry about the monthly payment. Will you be able to afford it? How can you keep it as low as possible? Compare Offers from Several Mortgage Lenders. While a mortgage payment is a big undertaking, there are ways to help keep it as low as possible. We help you understand the most important factors below. LARGE DOWN PAYMENT Each loan program has a minimum down payment requirem...
3 minutes read
FHA mortgages always include mortgage insurance. It’s not just until you owe less than 80% of the home’s value either. You pay the mortgage insurance for the life of the loan. While that’s not the best news you want to hear, the good news is that the insurance does decrease over time. Compare Offers from Several Mortgage Lenders. Keep reading to learn how mortgage insurance affects your payment to...