How do I know how much house I can afford?
What is the difference between a fixed-rate loan and an adjustable-rate loan?
How is an index and margin used in an ARM?
How do I know which type of mortgage is best for me?
What does my mortgage payment include?
- Principal: Repayment on the amount borrowed.
- Interest: Payment to the lender for the amount borrowed.
- Taxes & Insurance: Monthly payments are normally made into a special escrow account for items like hazard insurance and property taxes. This feature is sometimes optional, in which case the fees will be paid by you directly to the County Tax Assessor and property insurance company.
How much cash will I need to purchase a home?
- Earnest Money: The deposit that is supplied when you make an offer on the house.
- Down Payment: A percentage of the cost of the home that is due at settlement.
- Closing Costs: Costs associated with processing paperwork to purchase or refinance a house.