New Home Loan

Planning to apply for a new home purchase loan, Thousand Oaks, CA? You may find the process daunting most especially if it is your first time. But here’s the thing: If the right information made available to you, things should be okay. With the aim of helping to make the process a lot easier for you, we are sharing below some information that you may find useful when you get a new home purchase loan, Thousand Oaks, CA. Take the items below into consideration; they will surely help you make the most appropriate decision. Getting familiar with the monthly mortgage payments The principal – Refers to the monthly cost that directly goes towards paying back the loan. The interest – The monthly rate imposed from the cost of borrowing; it is expressed as a percentage of principal The property tax – This goes directly towards paying the property taxes as a requirement in your locality; (in California, property tax is computed using a property’s assessed value and the property tax rates based on the property’s address.) Insurance – Getting insurance provides with the needed security and protection in case of damages to your property. PMI (Private Mortgage Insurance) – The payment you need to put that goes towards your mortgage insurance in case the down payment is less than 20% Things to do when applying for a new home purchase loan program Do a diligent research prior to the application. Make an assessment on your qualifications (Mortgage brokers such as […]