![]() ![]() When you buy a house, you’ll typically be required to make a down payment. This amount includes both the principal (the amount you borrowed) and the interest. The monthly payment amount is the amount you’ll need to pay each month to repay the loan. Mortgages typically have a term of 15, 20, or 30 years, although other terms are also available. The length of the loan is the amount of time you’ll have to pay back the money. The interest rate can vary depending on a number of factors, including your credit score, the size of your down payment, and the current state of the economy. It’s expressed as a percentage of the total loan amount. ![]() The interest rate is the amount of money you’ll be charged for borrowing the money. Once you have been approved for a mortgage, you’ll receive a document called a “mortgage agreement.” This document outlines the terms of the loan, including the interest rate, the length of the loan, and the monthly payment amount. The lender will use this information to determine how much money they are willing to lend you. When you apply for a mortgage, you’ll be asked to provide information about your income, assets, and debts. But don’t worry – we’ll break it down for you step by step. Mortgages can be complicated, with a lot of different terms and concepts to understand. Instead, the borrower (that’s you) borrows money from a lender (usually a bank or other financial institution), and then pays that money back over a set period of time, along with interest. It’s a way for people to finance the purchase of a home without having to pay for it all upfront. In simple terms, a mortgage is a loan that is used to buy a property. Extra Payments,repayment Weekly/Biweekly/Monthly Payments. ![]()
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