Another Term To Remember

Real Estate Broker/Owner with PMI. Destin

Your monthly mortgage payment is a combination of paying back the money you’ve borrowed for your purchase (principal) and the interest owed on the money you’ve borrowed.  The payment also has other fee's added to it so you need to find out the full amount.  It can include taxes and Insurance.  all in.  

Long story short, interest is what you pay your lender to borrow money for your home. Isn’t that interest-ing?  

How long do you intend to own the home is a great question to answer to see if you are getting the best program for you long term goals.  


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Comments (2)

Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

Whether it be your Personal Residence or a Rental Property, Interest is Tax Deductible 

Mar 23, 2023 07:31 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good afternoon Peter. Your interest rate can include many factors besides the monthly payment. Upfront points, graduated payment structure, balloon payment and amortization period. Ask and compare before you choose. There are options out there. Enjoy your day.

Mar 23, 2023 01:39 PM