"First time home buyers” Getting to know where you stand with your monthly mortgage payment is the first and most important thing when you looking for the right home.
By Antonio Llamas, Pre-approved, Mortgage, NJ,FL,PA,MD
(America's Mortgage Lender llc.)
Getting to know where you stand with your monthly mortgage payment is the first and most important thing when you looking for the right home. There are many things that you have to conceder when looking for a home, the right size, right neighborhood, color and affordability. Your monthly payment trumps all when selecting a home. Here is what consists of monthly mortgage payment: •1. Principle & Interest •2. Taxes on the property •3. Mortgage Insurance... If down payment is less that 20% of purchase price •4. Homeowners insurance Did you know if you choose to include your taxes and insurance lenders calculate your monthly payment they will take the annual taxes and homeowners insurance and in some case MI (mortgage insurance) and break it up into 12 payments ...