We typically collect a portion of these taxes in every mortgage payment and hold the funds in an escrow account for tax payments made on your behalf as they become due. The part of your monthly payment that goes toward property taxes charged by your local government. The part of your monthly payment that goes toward the cost of borrowing the money. The part of your monthly payment that reduces the outstanding balance of your mortgage. Your monthly mortgage payment is typically made up of four parts: The APR lets you compare mortgages of the same dollar amount by considering their annual cost. This cost is known as the annual percentage rate (APR), which is typically higher than the interest rate. The cost of a mortgage is reflected by the interest rate, discount points, fees, and origination charges. Remember that interest rates only tell part of the story. If you pay off your mortgage balance within a shorter term, you may pay less in total interest than with a longer-term mortgage.Shorter loan terms typically mean higher monthly mortgage payments, but often have lower interest rates.
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