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 Larkspur California 94939.
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 Larkspur California 94939 – 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 Larkspur California 94939.
Surrounding Areas In California
Video: Mortgages in Larkspur CA
Compare mortgage rates in Larkspur, CA to find the best mortgage rate for your financing needs. Home loan interest rates in Larkspur, CA for new homes, refinancing ...
Find 613 listings related to Mortgages in Larkspur on YP.com. See reviews, photos, directions, phone numbers and more for the best Mortgages in Larkspur, CA.
Call Andrew Broughton now at (415) 689-6626 for quality Larkspur, CA Mortgages services.
5 reviews of All California Mortgage "Tony Cobb worked on my loan and we closed in 3 weeks. He was extremely helpful and I highly recommend him."
Find individual business listings for businesses located within the city of Larkspur in California. All Mortgages listings in Larkspur, ca. YellowPagesGoesGreen.org ...
It pays to shop around for mortgage rates in Larkspur, CA. Get free mortgage quotes from multiple lenders to find a competitive rate for your home loan.
Current mortgage rates and quotes from multiple lenders in Larkspur, CA
See today's Larkspur mortgage rates and get personalized home loan quotes from Larkspur California mortgage lenders.
Get directions, reviews and information for First Reverse Mortgage in Larkspur, CA.
It pays to shop around for refinance rates in Larkspur, CA. Get free quotes from multiple mortgage refinance lenders to find a competitive rate for your home loan.