If you’re new to homeownership, you might be wondering exactly what makes up the mortgage payment you’re sending each month. Beyond just the loan amount itself, there are several different components that all factor into your monthly mortgage payment. Understanding these components not only helps you see where your money is going but can also assist you in optimizing your mortgage and possibly securing a better rate. 1. Principal The principal is the amount of money you originally … [Read more...]
Understanding an Appraisal Contingency in Your Home Purchase
When buying a home, you have the option to include contingencies in your purchase contract. These protect you by setting certain conditions that must be met for the contract to remain valid. If any contingency isn’t satisfied, you can back out of the sale without penalty. Three main types of contingencies help protect buyers: appraisal, financing, and home inspection contingencies. Here's how each can impact your home buying experience. The Appraisal Contingency An appraisal contingency … [Read more...]
What Is A Mortgage Par Rate And How Does It Work
Think of the par rate as the raw, default rate offered by a lender. It’s not the lowest rate you can get, nor is it inflated by any adjustments. Lenders determine the par rate based on a variety of factors, such as current market conditions, your credit score, the loan type, and the loan amount. Discount Points: Lowering Your Rate When you're negotiating your mortgage, you can choose to buy "discount points" to lower the interest rate below the par rate. Each discount point typically costs … [Read more...]
Top 10 Strategies to Lower Your Mortgage Payments
Lowering your monthly mortgage payment can have a positive impact on your financial health, allowing you to allocate more money toward other needs or savings. Whether you're experiencing financial stress or just want to optimize your budget, exploring ways to reduce your mortgage payment is a smart move. Here are ten strategies that can help you manage and lower your mortgage payments like a pro: 1. Refinance to a Lower Interest RateRefinancing your mortgage to a lower interest rate is one of … [Read more...]
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