Friday, October 17, 2008
My First Mortgage
Uhhhh Today I received the first monthly payment of my home. It is incredible. I didn't move yet but I have to pay. The mortgage is determined by many factors. One of them is the quantity of money that you borrow from the bank. If you borrow a lot of money your monthly payment is high. Another factor is the quantity of down payment that you put for firs time in the house. This is very important because if you put more down payment your monthly payment is less. Also, if you have good credit you can get good interest rate. If the interest rate is low your montlhy payment is less too. Closing costs are important. If you can't pay them at the beginning you have to pay later every month. The bank includes them in the monthly statement, so that means the montlhy payment is more. We have to take care of all these things. If the monthly payment is very high, it is possible we can't afford to pay the mortgage and we can lose the house.
Subscribe to:
Post Comments (Atom)
2 comments:
Owning a house is a big responsibility, but I'm sure you and your husband have planned carefully and won't have a problem paying your mortgage. Of course, it's still never easy writing those big checks every month. Remember, though, that you get nice tax deductions for mortgage payments.
I am very happy for you!but now you have too work more to pay your mortgage.
Post a Comment