Mortgages and Loans
What Is A Mortgage?
A mortgage is a loan from a lender that gives borrowers the money they need to buy or refinance a home. The borrower agrees to pay back the lender with monthly mortgage payments that include principal, interest and other fees.
Are There Different Types Of Mortgages?
There are many types of loans. Each has different requirements, interest rate ranges and benefits. The two main categories of mortgages are conforming loans and non-conforming loans. Non-conforming loans include government-backed, jumbo and non-prime mortgages.
How much can I afford to borrow?
Lenders typically assess how much you can borrow based on your income, credit score, debt-to-income ratio, and down payment. A good rule of thumb is that your monthly mortgage payment should not exceed 28-30% of your gross monthly income.
What’s In A Mortgage Payment?
Your monthly mortgage payment, which is the amount you pay every month toward your mortgage, has four major components: principal, interest, taxes and insurance (PTI.)
What Does It Mean To Refinance A Mortgage?
Refinancing the mortgage on your house means you’re essentially trading in your current mortgage for a new one – often with a new principal and interest rate. Your lender then uses the new mortgage to pay off the old one. You’re then left with just one loan and one monthly payment.
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