![]() ![]() Size is the amount of money you borrow and the term is the length of time you choose to pay the loan back by. Your desired home price directly correlates with the amount or size of the loan and the term. There are also special loan programs if you’re a member of the armed forces, a first-time homebuyer or even those looking to buy in a rural area. Lenders also offer mortgage loans with fixed or adjustable rates. Most mortgage loans are offered as 30-year terms or 15-year terms. Your loan program or term are the conditions you and your lender agree to when applying and getting approved for a mortgage loan. Factors lenders use when determining your monthly payment include: Once you’ve been pre-approved for a mortgage loan and you’re ready to make an offer on a new home, you will want to estimate your monthly payment to ensure you feel comfortable with your commitment and your loan is approved with ease. Learning how a lender calculates your monthly mortgage payment can give you a better idea of how much home you can afford. Mutual of Omaha Mortgage wants to make sure this decision is made with the best information available to you. Understanding how your monthly mortgage payment will fit into your budget is an important first step when buying a new home. Lending services may not be available in all areas.Some jumbo loan options may not be available to first-time home buyers.Some loan options may not be available in all states.You’ll have an escrow account for payment of taxes and insurance.Your credit score is over 720, or 740 for certain jumbo loan options. ![]()
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