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What is Included in a Monthly Mortgage Payment
In most cases, a monthly mortgage payment includes more than just the principal and interest. Watch the short video below to learn more abou
A Monthly Mortgage Payment can Include:
- Principal - money used to pay down the balance
- Interest - the charge you pay to the lender for the privilege of borrowing the money
- Mortgage Insurance - an insurance policy that compensates lenders or investors for losses due to the default of a mortgage loan. Mortgage insurance can vary depending on the down payment of the home loan.
- Homeowners insurance - insurance designed to protect an individual’s home against damages to the home itself, or possessions in the home.
- Real Estate Taxes - Tax, based on property value that the land owner pays to the local government of municipal corporation of his/her area.
Although many mortgage options bundle these into their monthly mortgage payment, not all options do. Please ask your loan officer what options do this, and which don’t.
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Call Quest Home Loans at 262-439-8043, or fill out our home loan form, and we will contact you shortly with more information.
