#mortgageterms

If you’re looking to buy a home, you’ve probably heard fixed-rate and adjustable rate thrown around a lot when it comes to mortgages. Let’s review the difference between the two! So a fixed-rate mortgage has the same interest rate every month. You know exactly what your mortgage payment is going to be for every month of your loan because it doesn’t change. But an adjustable rate mortgage has an interest rate that can change. The interest rate changes from time to time due to the market, so your monthly payment will change over time. Both of these mortgage types have their advantages and disadvantages. If you’re wondering which one is best for you, I recommend talking with a lender as they can answer all of your questions. I know some amazing lenders, and I can totally put you in touch! Just send me a DM. . . . #mortgageterms #realestate101 #realestatetips #realestateterms #realestatevocab #realtortip #askyourrealtor #realtorexpert #realtoradvice #realestateadvice #realestatecontract #homebuyertip #homesellertip #selleradvice #realestatequestions #modrealtyok #homebuyingokc #buyingokc #buyingandselling #realtortips #homebuyingoklahoma #homebuyingok #buyingoklahoma #buyingok #okcrealestate #okrealestate #okcrealtor #okcrealtors #okcrealestateagent (at Oklahoma City, Oklahoma) https://www.instagram.com/p/CgUzR6ep-T0/?igshid=NGJjMDIxMWI=

While many people browse for homes online and tour neighborhoods, it’s important to learn key home loan terms so you can pave a smooth foundation for mortgage approval. Check out these terms you should get familiar with. https://qoo.ly/3buwzh

🔑🔑Saving for a down payment is a key step in the homebuying process, and it’s not the only piece you need to include in your budget. Another factor that’s important to plan for is the closing costs required to obtain a mortgage. What Are Closing Costs? According to Trulia, “When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home, and can include title insurance, origination fees, underwriting fees, document preparation fees, and more.” For those who buy a $250,000 home, for example, that amount could be between $5,000 and $12,500 in closing fees. Keep in mind, if you’re in the market for a home above this price range, your costs could be significantly greater. As mentioned before, Closing costs are typically between 2% and 5% of your purchase price. Trulia gives more great advice, saying, “There will be lots of paperwork in front of you on closing day, and not enough time to read them all. Work closely with your real estate agent, lender, and attorney, if you have one, to get all the documents you need ahead of time. The most important thing to read is the closing disclosure, which shows your loan terms, final closing costs, and any outstanding fees. You’ll get this form about three days before closing since, once you (the borrower) sign it, there’s a three-day waiting period before you can sign the mortgage loan docs. If you have any questions about the numbers or what any of the mortgage terms mean, this is the time to ask—your real estate agent is a great resource for getting you all the answers you need.” ✅Bottom Line Let’s get together to discuss the homebuying process, to be sure your plan includes budgeting for what you need to purchase your dream home – without any surprises! #downpayment #closingcosts #closingonhome #mortgagecosts #mortgageterms #mortgageknowledge #smartbuyer #smartbuyers #webbrealestateteam🏡 (at The Webb Real Estate Team) https://www.instagram.com/p/B53M0hDAqvr/?igshid=sc3vnv97kqyu

Different ‪#‎mortgage‬ terms and rates can make the loan selection process confusing, especially if you don’t plan on keeping the loan for the full term. Use this calculator to determine the total cost in today’s dollars of various mortgage alternatives taking into account your opportunity cost of money.