- Down Payment – Just like buying a car, this is the amount of money you pay up front to secure your mortgage. Most mortgage lenders require between 3% – 20% down payment. In the case of VA or government assisted loans, this amount can be less.
- Private Mortgage Insurance (PMI) – You may be required to pay for private mortgage insurance when you take out a loan if you put down less than 20%. PMI protects the lender in case you end up foreclosing on your home.
- Annual Percentage Rate (APR) – APR refers to the total cost of taking out a loan. It can include broker fees, interest rate, points, and others.
- Loan Estimate (LE) – A loan estimate deals with the estimated closing costs, along with the terms of the loan that you agreed to.
- Closing Costs – Closing costs are paid by both the buyer and seller. These costs can cover application fees, property fees, title examination, title insurance, attorney charges and settlement documents.
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HOT HOME LISTING OF THE WEEK!
4 Bedrooms / 3 Bathrooms (2 full, 1 half) / 2587 Square Feet
Exceptional custom home! Cul-de-sac location and huge lot! 4BDR/3BA/3CG with master bdr split plan. Private owner’s suite on its own wing features tray ceiling, garden tub, sep shower, double sink vanity, walk-in closet & linen closet. REFRIG AIR! Great room & dining room share a cozy two-way fireplace and are open to the custom kitchen with great entertaining space! Kitchen features beautiful cabinets with crown molding, recessed lighting, granite countertops, backsplash, bkst bar, tile flooring, walk-in pantry! Oversized backyard with backyard access, extended covered patio, trees, shrubs and walled for privacy. Perfect for summer BBQs and enjoying the best of NM weather!!
Contact the Sandi Pressley team for additional details!
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