Mortgages & Home Equities
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Equipping yourself with the right information for your mortgage is just a click away.A mortgage is designed as a long-term loan which helps a borrower purchase a home. In addition to repaying the principal, a borrower is obligated to make interest payments to a lender. The home and the land around it serve as collateral on the mortgage loan. Mortgages have several different main components: Principal, Interest, Taxes and Insurance (PITI). Here's the Big Picture:
Principal:
The "principal" is the original amount that you borrowed from a lender to pay your mortgage. Based on factors including income, credit score, amounts you owe to others (credit cards, auto loans etc.) and amount of your down payment, a lender will determine how much money you can borrow.
Interest:
Put it simply, "interest" is basically the cost of borrowing money. When you take out a mortgage with a lender, you agree to an interest rate. It is the percentage charged on a mortgage that must be paid in addition to the principal.
Taxes:
As a homeowner, you will pay property taxes toward supporting city/town, schools, county and/or state infrastructure, and you can pay them along with your mortgage. To determine your property tax, a local tax assessor will establish the tax rate for where you have your home and that amount will be multiplied by the value of your home. If you choose to escrow or are required to do so, your lender will collect any required insurance payments (like homeowners insurance) and tax payments from you. These payments go directly into your escrow account and when your property taxes and insurance come due, payments are made on your behalf directly from your escrow account.
Although these payments are collected at the same time as your monthly mortgage payment they are not part of your actual mortgage.
Insurance:
Homeowners insurance is a specific type of property insurance designed to protect your home against damages to the house itself, and in many cases, the possessions and valuables in your home. Homeowners insurance also provides liability coverage against accidents in your home or on the property.
- What is my monthly income?
- How much do I owe monthly to bills and other debts?
- How much am I comfortable spending on my new home?
- How much am I comfortable paying each month for my mortgage?
- If I am refinancing, how much do I owe on my existing home loan?
- How much money do I plan on putting down?
- How much flexibility do I want in my monthly payments?
- How long do I plan on living in my home?
Buying your first home can be a little overwhelming. Once you find the home of your dreams, how will you finance it? There are so many types of mortgage loans, which one is right for you? Our Mortgage Loan Officers will simplify the process for you and help you every step of the way.
Securing the finances for a home mortgage, whether you are starting out or have experience, is a multi-staged process. Here's some information go get you started.
Watch a video that walks you through the eSigning process and explains how to use this website to view, sign, and return the requested loan documents.
A mortgage is designed as a long-term loan which helps a borrower purchase a home. In addition to repaying the principal, a borrower is obligated to make interest payments to a lender. The home and the land around it serve as collateral on the mortgage loan. Mortgages have several different main components: Principal, Interest, Taxes and Insurance (PITI). Here's the Big Picture:
Principal:
The "principal" is the original amount that you borrowed from a lender to pay your mortgage. Based on factors including income, credit score, amounts you owe to others (credit cards, auto loans etc.) and amount of your down payment, a lender will determine how much money you can borrow.
Interest:
Put it simply, "interest" is basically the cost of borrowing money. When you take out a mortgage with a lender, you agree to an interest rate. It is the percentage charged on a mortgage that must be paid in addition to the principal.
Taxes:
As a homeowner, you will pay property taxes toward supporting city/town, schools, county and/or state infrastructure, and you can pay them along with your mortgage. To determine your property tax, a local tax assessor will establish the tax rate for where you have your home and that amount will be multiplied by the value of your home. If you choose to escrow or are required to do so, your lender will collect any required insurance payments (like homeowners insurance) and tax payments from you. These payments go directly into your escrow account and when your property taxes and insurance come due, payments are made on your behalf directly from your escrow account.
Although these payments are collected at the same time as your monthly mortgage payment they are not part of your actual mortgage.
Insurance:
Homeowners insurance is a specific type of property insurance designed to protect your home against damages to the house itself, and in many cases, the possessions and valuables in your home. Homeowners insurance also provides liability coverage against accidents in your home or on the property.
- What is my monthly income?
- How much do I owe monthly to bills and other debts?
- How much am I comfortable spending on my new home?
- How much am I comfortable paying each month for my mortgage?
- If I am refinancing, how much do I owe on my existing home loan?
- How much money do I plan on putting down?
- How much flexibility do I want in my monthly payments?
- How long do I plan on living in my home?
Buying your first home can be a little overwhelming. Once you find the home of your dreams, how will you finance it? There are so many types of mortgage loans, which one is right for you? Our Mortgage Loan Officers will simplify the process for you and help you every step of the way.
Securing the finances for a home mortgage, whether you are starting out or have experience, is a multi-staged process. Here's some information go get you started.
Watch a video that walks you through the eSigning process and explains how to use this website to view, sign, and return the requested loan documents.
