UNDERSTANDING YOUR MONTHLY PAYMENT
So are you ready to be a homeowner?
One thing to consider in preparing for this huge step is the added expense. I am not trying to scare you but there is more than your mortgage payment to be prepared for.
As a renter you pay your rent $1000 a month and probably utilities.
As a homeowner you pay PITI. ( Principle, Interest, Taxes and Insurance)
Principle -the amount you owe to the lender - loan amount paid out over a period of time ( usually 30 yrs)
Interest -the cost of borrowing the money ( interest rate)
Taxes - Property Taxes
Insurance - Homeowners Insurance and sometimes flood insurance
At New American Mortgage we offer a FREE Mortgage Consultation for you!
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