Mortgage Repayment is the process of paying back a Mortgage Lender the money that the homeowners have borrowed. Typically, Mortgage Repayment consists of periodic Mortgage Payments toward the Mortgage Principal, the original amount borrowed, the Mortgage Rate or Interest, and fees for the privilege of being lent the money. Most Mortgage Lenders allow homebuyers the … Read more
Mortgage Payment is the periodic amount paid to the mortgage holder for repayment of a Mortgage Loan. Mortgage Payment is made up of homebuyers’ Principal and Interest Payment. A Mortgage Loan is a long-term loan that is designed to help homebuyers to purchase a house. In addition to repaying the principal, the homebuyers also have … Read more
Mortgage Principal is the amount of money that a homebuyers borrow from a mortgage lender to purchase a Home. This amount is typically based on the purchase price of the home, minus any down payment that a homeowner makes. When a homeowner takes out a mortgage loan then they agree to make the monthly payment … Read more
Mortgage Rate is the interest that a homebuyers pay on a Home Loan. A lower interest rate makes for lower Mortgage Payments while a higher rate can make it more challenging to find an affordable monthly payment, or even get approved for a Mortgage Loan. Mortgage Rates are affected by market factors like inflation, the … Read more
Home Appraisal is the most important part of the home-buying process. It is the process of common types of valuation in which the real estate appraiser determines the fair market value of the house. A Home Appraisal provides unbiased insight into a property’s estimated worth by comparing it to recently sold homes in the same … Read more
A Variable-rate Loan is a type of Mortgage loan which have fluctuating interest rates based on the current financial market. It is the Mortgage Loan with a rate that changes. The Interest rate is tied to a benchmark which varies depending on the Mortgage Lender, and it rises or falls based on the benchmark. A … Read more
Lender-Paid Mortgage Insurance (LPMI) is a form of Mortgage Insurance that is paid for by the mortgage lenders via a one-time fee, rather than by the borrower monthly. Lender-Paid Mortgage Insurance (LPMI), refers to a situation in which the mortgage lender pays for the Mortgage Insurance. While there are various ways to pay for the … Read more
Home Equity Loan also known as Home Equity Installment is a type of Second Mortgage secured by the equity in the home. Home Equity Loans are a useful way to tap into the equity of homeowners’ homes to obtain funds when their assets are tied up in their property. A Home Equity Loan lets the … Read more
A Home Equity Line Of Credit (HELOC) is a Second Mortgage that provides homeowners access to cash based on the value of their home. A Home Equity Line Of Credit (HELOC) is a variable-rate form of financing that allows homebuyers to cash in on the equity they have in their home. A Home Equity Line … Read more
A Second Mortgage is a type of subordinate mortgage that allows homebuyers to borrow home equity while they already have a current or first mortgage on the property. A Second Mortgage is a home-secured loan taken out while the original, first, mortgage is still being repaid. A Second Mortgage is a loan made in addition … Read more