Mortgages Leverett MA 01054Leverett MA 01054

Massachusetts

How to Search for the best Mortgage in Leverett Massachusetts

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 Leverett Massachusetts 01054.

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 Leverett Massachusetts 01054 – 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 Leverett Massachusetts 01054.

Surrounding Areas In Massachusetts

  • How to Search for the best Mortgage in Chestnut Hill Massachusetts
  • How to Search for the best Mortgage in Westminster Massachusetts
  • How to Search for the best Mortgage in Walpole Massachusetts
  • How to Search for the best Mortgage in Melrose Massachusetts
  • How to Search for the best Mortgage in West Barnstable Massachusetts
  • How to Search for the best Mortgage in Stow Massachusetts
  • How to Search for the best Mortgage in Billerica Massachusetts
  • How to Search for the best Mortgage in Kingston Massachusetts
  • How to Search for the best Mortgage in Ashfield Massachusetts
  • How to Search for the best Mortgage in Woods Hole Massachusetts
  • Leverett Information

    Video: Mortgages in Leverett MA

    [ssplaces keyword="Mortgages" location="Leverett MA"]

    • 63 Montague Rd Leverett, MA 01054 Property Record


      Property record and home value information for 63 Montague Rd, MA 01054. $324,500 # 500014995902 - 0 photos - 3 bedrooms - 3 bathrooms - 1988 sq. ft. - Year Built: 1981
    • Amherst, MA Land for Sale | Homes.com


      Homes.com Amherst, MA Real Estate: Search land for sale and MLS listings in Amherst, Massachusetts. Local information: 121 houses for sale with 26 parcels of land for ...
    • NETR Online • Massachusetts Public Records, Search ...


      NETR Online • Massachusetts Public Records, Search Massachusetts Records, Massachusetts Property Tax, Massachusetts Property Search, Massachusetts Assessor
    • Mass.gov


      We’ve redesigned Mass.gov for you, the people of the Commonwealth. We have one goal: to make it easy for you to find what you need. This fall, we’ll continue to ...
    • Insurance - Mass.Gov


      Insuring your property and your person will bring peace of mind and financial stability. Explore the varied kinds of insurance that you can purchase and the rules ...
    • 50 Eddy St, Orange, MA 01364 | Zillow


      Zillow has 7 photos of this $ 3 bed, 1.0 bath, 998 sqft single family home located at 50 Eddy St built in 1935. MLS #.