THE AMERICAN GREATEST DREAM — HOME OWNERSHIP7 SIMPLE STEPS TO BE A FIRST TIME HOMEBUYER
Principal is the amount of money you borrowed to buy your house, or the amount of the loan that you have not yet repaid.
Keep in mind, the more money you pay up front in your down payment, the less you will have to borrow.
The amount of money you can borrow is based on a variety of factors, including your monthly income and payments such as car loans and student loans. Use our mortgage affordability calculator to estimate how much you may be able to qualify for.
Interest is the cost you pay to borrow money from your lender, and it usually appears as a percentage of the amount you borrowed.
Interest rates are set by your lender based on many factors, some that you can control and some that you can’t. Out of those that you can control, one of the most important factors is your credit score. A higher credit score could help you get a lower interest rate.
Learn more about interest and getting the best possible rate for you.
Required by many lenders under the terms of your mortgage, an escrow account is a reserve set aside to pay for a portion of your annual costs for property taxes and insurance premiums, such as homeowners insurance.
Your escrow payment goes to your lender, who deposits the money into an escrow account. The lender uses the money in the escrow account to pay for your property taxes and insurance premiums on your behalf when they are due.
Regularly scheduled escrow payments are a good option for many homeowners because they eliminate the surprise of a large annual payment for those expenses.
Learn more about escrow payments.
Your mortgage payment will typically include one-twelfth of the estimated annual real estate taxes, also known as property taxes, on the home you purchased.
These payments are put into an escrow account, and the lender will use the funds to pay your property taxes on your behalf when they are due.
Homeowner’s insurance protects both you and your lender from fire or flood, which damages the structure of the house. It also protects from a liability, such as an injury to a visitor to your home, in addition to damage to your personal property, such as your furniture, clothes or appliances.
Your mortgage payment will usually include one-twelfth of your annual homeowner’s insurance premium that will be put into an escrow account.
Just like your taxes, when your insurance is due, your lender will use the money from that account to pay your homeowner’s insurance on your behalf.
If your down payment is less than 20%, you will have to purchase private mortgage insurance, an added insurance policy that protects the lender if you are unable to pay your mortgage.
As with your taxes and homeowner’s insurance, one-twelfth of your annual mortgage insurance premium is included in your monthly payment and put into your escrow account. Your lender will use these funds to pay for your insurance on your behalf when it is due.
Homeowner’s Association Fees or Condominium Fees
Most neighborhoods and all condominiums have a homeowner’s association (HOA). HOAs provide service
THESE ARE SOME BOOKS WE HIGHLY RECOMMEND TO GET STATRTED ON YOUR JOURNEY TO HOME
OWNERSHIP. THE JOURNEY OF A MILE START EITH ONE STEP. IF MILLIONS OF AMERICANS OWN
THEIR VERY OWN HOME, THAN WHY NOT YOU (CLICK NOW — GET A BOOK THAT TELLS YOU STEP
BY STEP HOW TO PURCHASE YOUR DREAM HOME IN 2023————
Home Equity Loans: How to get the Best Home Equity Loan Deal
What you should you know about Home Equity Loans Credit
Home Equity Secrets
How to Own Your Home Years sooner and Retire Debt Free
What does it mean living in a Section 8?
The Housing Choice Voucher Program, also known as Section 8, is the federal government’s
program for assisting low-income families, the disabled, and the elderly afford housing.
Participants can choose housing that meets the requirements of the program and receive
housing vouchers to help with their rental costs.Jan 22, 2020
An Overview of Section 8 Housing Assistance – Benefits.govhttps://www.benefits.gov ›
2 thoughts on “7 SIMPLE STEPS TO BE A FIRST TIME HOMEBUYER”
At Jackpotbetonline.com We bring you latest Gambling News, Casino Bonuses and offers from Top Operators, Online Casino Slots Tips, Sports Betting Tips, odds etc.