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 Sterling City Texas 76951.
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 Sterling City Texas 76951 – 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 Sterling City Texas 76951.
Surrounding Areas In Texas
Sterling City Information
Video: Mortgages in Sterling City TX
Property record and home value information for 1803 Sterling Creek Dr, TX 77546. $665,600 # 500025186372 - 0 photos - 0 bedrooms - 0 bathrooms - 5154 sq. ft. - Year ...
Property record and home value information for 1818 Sterling Creek Dr, TX 77546. $542,500 # 500024806995 - 0 photos - 0 bedrooms - 3 bathrooms - 3404 sq. ft. - Year ...
According to our research of Colorado and other state lists there were 4 registered sex offenders living in Sterling, Colorado as of September 16, 2017. The ratio of ...
877-976-5669 Stated Income Residential Loans or Alt Doc Home Mortgages for self-employed and wage earners borrowers. Home Loans for qualified borrowers.
According to our research of Texas and other state lists there were 13 registered sex offenders living in Crystal City, Texas as of September 12, 2017. The ratio of ...
Zillow has 289 homes for sale in Baytown TX. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
Zillow has 316 homes for sale in Colleyville TX. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
Search a map of all Texas cities with a complete list of all cities and towns with Livability Scores.