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mortgages - Minnesota MN: Loans & Mortgages :: Refinancing :: Bad credit loans :: First time buyers home loans :: Advice on the best loan for you :: Mortgage advisor.

Principal The principal is the amount of money you borrowed. Each month when you make your mortgage payment, you are paying back a small portion of the principal. The longer the payments are amortized (over 30 years for example), the more the payments go to reduce the principal you owe; over time, interest will become a smaller part of your monthly payment. In the beginning, most of the mortgage payments made to the lender will be interest payments.

Shopping Rates A very important reason you need to have at least some idea of your down payment is for shopping interest rates. Some loan programs charge a slightly higher interest rate for minimal down payments. Plus, the interest rates for different loan programs are not the same. For example, conventional, VA, and FHA all offer fixed rate loans. However, the rates vary from one program to another. If you shop lenders by phone, the loan officer will be able to tell which programs fit and quote you rates accordingly. However, if you are shopping on the internet, you have to have some idea of your loan program on your own.

How is my interest rate calculated? The initial interest rate on your loan was determined by the competitive market of rates in the mortgage lending industry for your particular ARM product at the time your loan was originated.

It is important that you review what the closing costs will be with your lender and attorney. This should take place far enough in advance of the closing to allow yourself time to obtain the necessary funds to pay the closing costs.

It doesn’t generally work like that anymore. Most of the money for home loans comes from three major institutions: Fannie Mae (FNMA - Federal National Mortgage Association) Freddie Mac (FHLMC – Federal Home Loan Mortgage Corporation) Ginnie Mae (GNMA – Government National Mortgage Association).

Example: If you make $5000 a month, with 33/38 qualifying ratio guidelines, your maximum monthly housing cost should be around $1650. Including your consumer debt, your monthly housing and credit expenditures should be around $1900 as a maximum

An alternative to paying points is to receive a credit from the lender in exchange for a higher interest rate. Whereas points are added to your closing costs, a credit is used to reduce your closing costs. Once again, you can receive a credit of approximately one point by raising your interest rate .25%.

Problems can pop up long before a borrower fills out any paperwork. Indeed, just finding out how much a mortgage costs can be confusing.

What are the qualifying guidelines for the particular loan? These might relate to your income, employment, assets and liabilities, and credit history.

Foreclosure

Fixed Rate Mortgages: Payments remain the same for the life of the loan Types: 15-year 30-year Advantages: Predictable Housing cost remains unaffected by interest rate changes and inflation