03/10/2023
Did you know most loans have four parts:
#1: The principle, which is the repayment of the amount actually borrowed.
#2: The interest, which is the payment to the lender for the money you borrowed.
#3: Homeownerβs insurance, which is a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards required by most lenders.
#4: Property taxes, which are the annual city/county taxes assessed on your property, divided by the number of mortgage payments you make in a year.
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