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Amortization Schedule - Glossary Term

An amortization schedule tells you how much of your monthly payment is going to pay down your principal and how much is going to pay the interest. This can be very eye opening. In the beginning of your mortgage, your payment is almost all interest with very little going toward paying down the balance. Towards [...]

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PITI Payment – Glossary Term

PITI is calculated and used in every aspect of mortgage qualifying. Even if you pay your taxes and insurance on your own, PITI is the amount used for approval. PITI Payment Definition PITI is the acronym for a mortgage payment that includes Principal, Interest, Taxes, and Insurance. The lender collecting your PITI mortgage payment takes [...]

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Interest only mortgages are just as they sound. You only pay the interest and none of your mortgage payment goes to pay down the principal. If you start out with a $150,000 interest only mortgage and you make all your payments, you will end up still owing $150,000 at the end of the interest only [...]

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Discount Point – Glossary Term

A discount point is defined as interest paid upfront in exchange for a lower rate. Discount points make sense if you plan to stay in your home for a while. Discount Point - To Pay or Not to Pay A point in the mortgage business is equal to 1 percent of the loan amount. 1 [...]

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Bi weekly mortgage payments are another way to pay extra principal and therefore pay down your principal faster. You can do this with a company or by yourself. Biweekly Mortgage Payments Definition A bi-weekly mortgage payment is when you break up their mortgage payment in half and pay it every two weeks instead of the [...]

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Qualifying – Glossary Term

Mortgage qualifying or what is also know as prequalification is when the borrower provides information about their income, assets, credit, debts, etc. to the mortgage originator. They or a computer analyze all the information and decide if the borrower can be approved for the mortgage they are applying. Mortgage Qualifying Definition Qualifying mortgage loan rules [...]

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Private Mortgage Insurance (PMI) Tutorial

Private mortgage insurance or PMI protects lenders from loss on mortgages with less than 20% equity in the event of foreclosure. And you pay for it! Don’t confuse hazard or homeowner’s insurance with private mortgage insurance. Homeowner’s insurance protects you from a loss like a fire. They are insuring the actual structure. PMI protects the [...]

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