To understand how your mortgage payment is calculated you must know how it starts...the entire process. Your mortgage payment is affected by many factors.
First, your credit report and score are major considerations for lenders. Your loan officer can help you find ways to clean up your credit before you officially apply for the loan.
Second, the size! of your down payment is the next important step. Some loans require 20 percent down, others less. What you have saved up before buying will determine what type of loan you will be using.
Third, if you can make only a small down payment, don't worry. VA and FHA loans, as well as other programs, will help you get your mortgage.
Fourth, you must obtain private mortgage insurance if you put down less than 20 percent of your purchase price. This will be covered in another blog post! .
Fifth, discount points and origination points: these upfront payments can affect your monthly payment.
Sixth, who are Fannie Mae and Freddie Mac, and how do they determine the mortgage rates?
Read back tomorrow as each of this things are covered in the blog.
With over 12 years in the industry, brothers, Justin and Morgan make quite a team at Mortex Lending in Lewisville, Texas.
Call Morgan at 214-705-2643
or call Justin at 214-377-1583
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