Nov
28
How do home mortgages work?
Filed Under Renting & Real Estate
Jen asked:
I’m a renter just out of college, and looking for the first time into what it would take to buy a house. What is amortization? Is there an equation to determine how much of your monthly payment goes toward interest and how much toward principle? What is an interest-only loan and why would someone want to get it? Why does the homebuyer have to insure 20% of the mortgage privately?
TERRENCE
I’m a renter just out of college, and looking for the first time into what it would take to buy a house. What is amortization? Is there an equation to determine how much of your monthly payment goes toward interest and how much toward principle? What is an interest-only loan and why would someone want to get it? Why does the homebuyer have to insure 20% of the mortgage privately?
TERRENCE