You’re buying a home. Well picture this… you are sitting down at a loan officer desk and they tell you that if you want to purchase a home your LTV must be 96.50% and your D/P must be 3.5% your Rate is 5.00% and your APR is 5.752% w/ PT’s of 1.00% and a Loan origination fee of 1.00%. With all of that your PITIMI (piti-me) payment will be 1,100.00 per month in Burke South Dakota 57523.
Do you understand anything that was just said? Maybe a few of you do but for most of us that aren’t in lending this can be a big jumble of acronyms and abbreviations that don’t make a bit of sense. So here it is… the down low on the top 5 most used lending terms.
1. PITIMI (piti-me) payment – This is your total combined mortgage payment. Principal, Interest, Taxes, Insurance, & Mortgage Insurance
2. MI – Mortgage Insurance in Burke South Dakota 57523 – Contrary to belief this is not your Home Owners Insurance. Mortgage Insurance is an insurance payment that you pay for your lender. It allows for banks to give out loans to people with a smaller amount of down payment and the customer pays the insurance to cover their risk for the loan. If someone defaults on their loan and the lender has to sell the property then the insurance will cover any gap in the amount that the collect.
3. H/O – Home Owners Insurance. This is your insurance policy. The insurance that you chose to cover your home against disasters, fire, and theft to be able to get you your money back if something happens to your property or your possessions inside.
4. LTV – Loan- To-Value. This is the percentage that is calculated from the amount that your loan is to the value of the home. IF your home is worth 100K and your loan is 80K then your LTV is 80%
5. APR – Annual Percentage Rate – this is not the rate that your payment is calculated on. Your mortgage payment will always be calculated based on the Interest Rate. You’re APR is what banks use to portray the true cost of your loan. If you have a bunch of fees associated with your loan then your APR will generally be a lot higher then the interest rate, if you don’t have very many fees to pay then your APR will be closer to the interest rate on your loan. When you compare loan products it is best that you compare your APR instead of the Interest Rate in Burke South Dakota 57523.
Surrounding Areas In South Dakota
Video: Mortgages in Burke SD
Property record and home value information for 34532 291st St, SD 57523. $165,600 # 700025296960 - 0 photos - 0 bedrooms - 0 bathrooms - 0 sq. ft. - Year Built: 0
Property record and home value information for 902 Franklin St, SD 57523. $36,400 # 700025297863 - 0 photos - 0 bedrooms - 0 bathrooms - 0 sq. ft. - Year Built: 0
Authorized Staff Member's User ID Password. Contact Us | Help | Accessibility | Privacy | Important Notices
According to our research of South Dakota and other state lists there were 18 registered sex offenders living in Winner, South Dakota as of September 14, 2017. The ...
Virgina Beach Refinance & Richmond, VA Mortgage EXPERTS! The most experienced & ethical Chesapeak Mortgage Brokers offering you the best service and fees, with Low ...
Phoenix: In all my years in Phoenix purple rain was a first... Phoenix: Phoenix at 07:00 Phoenix: The sky is NOT on fire, that's just how the clouds formed. [Taken in ...
Scott Grider: 972-201-1648 [email protected] http://www.advancialwholesale.com/ Non-Warrantable condo, co-op and condotel loans as small as $100k and up ...
Find current CD rates and compare high yield certificate of deposits at Interest.com, your source for the best cd rates.
on September 14, 2017 at 7:22 pm Tallahassee.comTeachers labor union files lawsuit against DOE, school […]
Zillow has 3,742 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.