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Let me help take the Fear out of Financing.
Getting a loan for your new home doesn't have to be difficult if you know what to expect.
Let me help walk you through the in's and out's of the process.
Hand in hand with your mortgage professional, let us make it a smooth process for you.
Mortgage Definitions
Mortgage amount:
Original or expected balance for your mortgage.
Term in years:
The number of years over which you will repay this loan. The most
common mortgage terms are 15 years and 30 years.
Interest rate:
Annual fixed interest rate for this mortgage.
Monthly payment:
Monthly principal and interest payment (PI).
Total payments:
Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
Total interest:
Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
Prepayment type:
The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
Prepayment amount:
Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
Savings:
Total amount of interest you will save by prepaying your mortgage.