Did you know that approximately 44%of homeowners have a mortgage? This means that almost half of consumers make a monthly payment to their mortgage lender. If you’re on the market for your dream home, you may be focused on the perfect design, the best neighborhood and top-of-the-line smart features, but it’s important to also consider your mortgage and how it’s calculated.
First, let’s explore a few key terms.
Now that we have a better understanding of the mortgage industry terminology, let’s dig into how your mortgage is calculated. Don’t worry, you’re only making one lump payment each month, but there are a few things that are factored into your mortgage in addition to the cost of repaying the loan.
Now that you understand the basics of a home mortgage and your monthly payment, you can focus on finding your dream home that perfectly aligns with your lifestyle and budget. Our team here at Stanley Martin Homes is here to guide you in the homebuying process. You can even use our mortgage and payment calculator to get an estimate of your mortgage payment.