Mortgage Broker Company - What is the real cost of your mortgage?

Well there are four elements.

There is the principle which is the amount you wish to borrow and which must be repaid.

Next is interest.  That is the cost that the lender will charge you to use their money while you pay the loan off.

Homeowners insurance is a must.  It is needed to replace what is lost in the event of a disaster, etc.

Escrow - your property taxes, insurance, etc. must be collected and paid when due.

 

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