Principal This is the amount you borrowed for your mortgage loan. If you borrowed $100,000, then your outstanding principal is $100,000. A portion of each monthly mortgage payment goes toward paying off your outstanding principal. During the early years of your loan, the portion that goes toward your principal is small. But this portion grows … Read more
Buyer Agent A buyer agent is a real estate agent who represents you during the purchase of a home. A buyer agent walks you through the homebuying process, offers advice, schedules home tours and explains the pros and cons of neighborhoods and properties. The buyer agent also presents offers and negotiates on your behalf. Certified Check A certified … Read more
Myth 1: A 20% Down Payment Is Mandatory Reality: One of the most long-standing myths is that you must put down 20% of the home’s purchase price to secure a mortgage. While a 20% down payment can help you avoid private mortgage insurance (PMI) and may lead to better loan terms, it is not a … Read more
Mortgages provide a viable pathway to homeownership, making it accessible to many who might otherwise struggle to save enough for a full purchase. In this article, we’ll explore why mortgages are essential to unlocking the door to your dream home. Affordability Made Possible For most people, the combined cost of purchasing a home—down payment, closing … Read more