Deciding to purchase a new home is a huge first step, but there are many more steps to come. Finding the right home. Monitoring your loan status. Approvals. Purchase negotiations. And much more. That’s why The Palmetto Bank has compiled a Home Purchase Basics list just for you. With these helpful tips and information, you truly can be ready for anything.
|Annual interest rate||The annual interest rate. The maximum interest rate is 20%. |
|Mortgage length (years)||The total length, or term, of your original mortgage in years. The most common lengths are 30 years and 15 years. |
|Original mortgage amount||The original amount financed with your mortgage, not to be confused with the remaining balance or principal balance. |
|Additional monthly payment||Your proposed extra payment per month. This payment will be used to reduce your principal balance. |
|Scheduled payment||Your monthly principal and interest payment based on your original mortgage amount, term and interest rate. |
|Accelerated payment||The scheduled payment plus additional monthly payment. |
|Total savings||The total amount you would save in interest if you made the accelerated payment until your mortgage was paid in full. |