10/06/2023
Did you know that your mortgage payments include more than just the amount you pay on the loan every month?
Here is a break down:
β’ Principal - The amount of money you borrowed to buy your house, or the amount of the loan that you have not yet repaid.
β’ Interest - The cost you pay to borrow money from your lender, and it usually appears as a percentage of the amount you borrowed.
β’ Private Mortgage Insurance - An insurance premium you might be required to pay for if you have a low down payment loan program.
β’ Taxes - Your mortgage payment will typically include one-twelfth of the estimated annual real estate taxes, also known as property taxes, on the home you purchased.
β’ Insurance - Protects both you and your lender from fire or flood, which damages the structure of the house. It also protects from a liability, such as an injury to a visitor to your home, in addition to damage to your personal property.
Do you have a Mortgage question?
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NMLS #1968254 β’ NMLS #71318 Georgia Residential Mortgage Act