This real estate video discusses mortgage payments. This is crucial to the home buying equation if you will be borrowing money through a lender to finance the purchase. Be careful when using online mortgage calculators because often times they only include the principle and interest in the calculations, which isn’t the whole story. When thinking about your mortgage you’ll want to consider the PITI payment, which includes the principle, interest, taxes and insurance. You can use a mortgage calculator that calculates the PITI to determine your budget after including in what will be used in the down payment. If you’ve been renting you can think of mortgage payments as similar to rent payments with the exception being that your payments are now creating equity in your home for you.
Broker/Owner of Market Experts Realty & The Todd Tramonte Home Selling Team
Real Estate Author of Live Free: The Art Of The 2-Year House Flip