![]() Be sure to check with your lender to verify there are no prepayment penalties. This is the amount you’ll apply to your loan principal. Decide how much your extra payment amount will be. You can increase your extra payment amount or frequency as your finances improve. Decide between making monthly contributions or a single lump sum payment. This is different from your annual percentage rate (APR), which includes additional loan expenses, like mortgage insurance and discount points. List your current mortgage interest rate. ![]() The most common mortgage terms are 15 years and 30 years. Enter the number of years of your purchase loan. If you’re refinancing or already making repayments, include your minimum monthly mortgage payment, excluding taxes and insurance.
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