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A fixed rate means that your interest rate monthly will not move for the entirety of your loan as opposed to an adjustable rate, where it can adjust monthly or yearly based on the terms of the loan when it was started.
The Interest Rate is the determining factor to how much of your monthly payment goes towards paying interest on the loan every month. In short it is the fee you pay to have a financed loan.
The APR takes into account your overall interest over the longevity of your loan including the transactional costs of the loan when you got it.
Click this link to get my 1st time buyers PDF where I explain the entire process. https://stan.store/icardmortgageman/p/get-my-home-buyers-guide-qzkl4cpt
There are 100’s of loan programs that can be used in many different ways to secure you and your family a home. Click this link if you are ready to book an introduction call to see what may be possible. https://calendly.com/matticardquestrock/30min
Yes, By getting Pre Approved you will be ahead of the game when it comes time to make an offer on your dream home.
Mortgage points is another name for fees associated with a loan. Typically they are measured in %. 1 point or 1% of your purchase price or loan is the number you are looking at when talking about costs associated with the transaction of a loan. Example. 1 point in a $100,000 loan is $1,000.
When it comes to a mortgage, your debt to income is a ratio based on the debts in your credit profile and the gross income you make monthly. By taking all of your monthly payment debts on your credit profile and dividing it by your gross (before taxes) income you will be able to see what your debt to income ratio is. Example - You make $4,000 per month and you have $1,000 in total credit expenses then your debt to income would be 25% since 1,000 is 25% of 4,000.
An escrow account is a separate holding account in your mortgage payment that holds your Property Taxes and Home Owners Insurance Premiums. This allows you to not have to worry about paying for 3 separate transactions monthly when it comes to your new mortgage payment and the lender will typically offer you better pricing in costs if you choose to escrow.
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