Advantages Of Owning A Home

[anniefrukes]

If you’re going to be buying a home by obtaining a mortgage, it’s highly likely that the mortgage product you’ll use for the purchase will be a fixed rate mortgage since they’re the most popular type of mortgage. With a fixed rate mortgage comes stable monthly payments, which is one of the best benefits of owning a home.

One of the wildcards to renting a property is the unknown that comes with the monthly payments, year over year. It’s very plausible that the monthly rent payments for a property can change from year to year upon the renewal of a lease agreement.

[tonymcfallen]

The mortgage is usually to be paid back in the form of monthly payments that consist of interest and a principle. The principal is repayment of the original amount borrowed, which reduces the balance. The interest, on the other hand, is the cost of borrowing the principal amount for the past month.

A monthly mortgage payment includes taxes, insurance, interest, and the principal. Taxes are remitted to local governments as a percentage of the value of the property. These tax amounts can vary based on where the borrower lives and are usually reassessed on an annual basis.

[johnmcnuks]

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