Mortgages Logan WV 25601Logan WV 25601

How to Search for the best Mortgage in Logan West Virginia

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 Logan West Virginia 25601.

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 Logan West Virginia 25601 – 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 Logan West Virginia 25601.

Surrounding Areas In West Virginia

  • How to Search for the best Mortgage in Scott Depot West Virginia
  • How to Search for the best Mortgage in Webster Springs West Virginia
  • How to Search for the best Mortgage in Dailey West Virginia
  • How to Search for the best Mortgage in Huntington West Virginia
  • How to Search for the best Mortgage in Fairmont West Virginia
  • How to Search for the best Mortgage in Shady Spring West Virginia
  • How to Search for the best Mortgage in Kermit West Virginia
  • How to Search for the best Mortgage in Vienna West Virginia
  • How to Search for the best Mortgage in Varney West Virginia
  • How to Search for the best Mortgage in Iaeger West Virginia
  • Logan Information

    Video: Mortgages in Logan WV

    • Logan Forum » Topix


      Join the discussion! This forum covers Logan, WV local community news, events for your calendar, and updates from colleges, churches, sports, and classifieds.
    • Logan County Clerk Welcome


      Hello and welcome to the Logan County Clerk's website. I would like to thank all the citizens of Logan County for allowing me to serve as your County Clerk.
    • rental cabins, cottages, lodges, cabin rentals, cottage ...


      rental cabins, cottages, lodges, cabin rentals, cottage, PA, bed & breakfasts,WV, VA, Indiana, West Virginia, RV, Rentals, DE, DC, PA, Delaware, Washington DC ...
    • Charleston WV Homes For Sale - Zillow: Real Estate ...


      Zillow has 702 homes for sale in Charleston WV. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
    • Mortgage Rates | Homes.com


      Find and compare home loan interest rates and current mortgage rates from mortgage companies. Includes mortgage tools: refinance, mortgage calculators.
    • First National Bank | Williamson, WV


      About Us. Headquartered in Williamson, West Virginia, First National Bank is a locally owned community bank that has been serving the coalfields of Southern West ...
    • Mortgage App & Calculator for Mobile | Zillow Mortgages


      By clicking the button, I agree to receive the Zillow Mobile App by text message at the mobile number I provided above, and I confirm that the mobile number is mine.
    • MoneyGeek.com - Credit Cards, Mortgages, Insurance ...


      MoneyGeek.com helps you make financial decisions. Learn about types of credit cards, compare home loans, find info about the best car insurance coverage, and more.
    • Charleston Forum » Topix


      Join the discussion! This forum covers Charleston, WV local community news, events for your calendar, and updates from colleges, churches, sports, and ...
    • Wayne County, West Virginia


      Wayne County is 517 square miles bound to the north by Cabell County the east by Lincoln County to the south Mingo County and the west by the Tug and Big ...