Home Mortgage

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Home Mortgage Investing In A Solid Foundation

Picture your dream home? Now, picture the picking the right mortgage based on your home needs. How do you know which home mortgage is right for your plans? With a lot of research and sound advice from financial professionals, your dream home could be a lot closer to reality than you may think.

PITI Is Not A Type Of Bread

A home mortgage is determined based on your ability to meet payments and how you foresee the home in your life. A mortgage broker generally reviews some personal financial information about you before deciding which loan best meets your needs. Based on a PITI formula, monthly payments are calculated. PITI stands for principle (amount of loan) plus interest (prime interest rates are best) plus taxes (property tax and so on) plus insurance (home insurance and so on).

Not every loan carries the same interest rate. Interest rates are either fixed for the period of the loan or fluctuate with the market. Also, a lender will increase an interest rate if the buyer is perceives a high risk. A buyer's credit score and income-to-debt ratio generally determine risks.

Selecting The Right Loan

The right home mortgage fits your finances and your expectations for the home. The pros and cons of each loan should be weighed carefully. Below are a couple sample home loans:

  • First-time Homebuyer Loans are the most common type of loans with loan periods of usually 15 or 30 years. The interest rates are fixed and the amortization schedule is predictable. On the down side, equity accrues slower with these fixed, longer loans.
  • Home Improvement Loans are considered second loans. HELOCs (home equity line of credits) fall into this category. Interest rates are low and repayment must be in full before the loan period is over. Penalty for not paying off entirely on time is hefty and can affect your initial loan.