Principal: The original balance of money loaned. As the loan is paid over time, the principal is the remaining loan balance.
Interest: The charge for the use (loan) of money. The interest rate remains constant in a Fixed Rate Mortgage. The rate can vary according to the specified guidelines over the life an Adjustable Rate Mortgage (ARM).
Property Tax: The county or city assessor charges property taxes based on the value of your home. Two tax installments are due each year. Continue reading
 J.D. Scott, Mortgage Advisor They say that no news is good news. But last week, several reports brought some surprising good news to the markets. Read on for details and what they mean for home loan rates.There was good news on the labor front, as last week’s Initial Jobless Claims fell to 339,000, the lowest level in over four years. This news came on the heels of the surprising drop in the unemployment rate to 7.8% in September. This is encouraging news and could ease fears of slowing growth. Continue reading |
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