1 / 1

Components Of Mortgage Payment

FirstCommunityMortgage
Download Presentation

Components Of Mortgage Payment

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Components Of Mortgage Payment People usually resort to mortgage loans to buy a house. The borrowed amount and the term of loan are primary factors that decide the monthly mortgage payments. Principal Interest It is the amount which the lender charges as a reward for lending the money and taking a risk. There is a direct relationship between interest rate and mortgage payments i.e. higher the interest rate, higher the mortgage payments. It is the original balance of money lent to the borrower. A major portion of the monthly mortgage payment comprises of the principal amount that needs to be repaid. Also, the amount of interest is calculated on the principal. Taxes Insurance Property taxes are charged on basis of the value of your property. The government calculates such taxes and the amount is used to fund public services such as schools, fire departments, police forces etc. Insurance payments made with each mortgage payment are held in escrow until the bill is due. The two main types of mortgage insurances are property insurance and private mortgage insurance (PMI). 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 8522 Broadway St., Ste. 208 San Antonio, TX 78217 210-340-0404 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 16165 North 83rd Ave., Ste. 200 Peoria, AZ 85382 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 480-752-3110 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com Image Source: Designed by Freepik

More Related