ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The size of the home
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The size of the down payment
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The location of the home
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The location of the bank
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Detailed explanation-1: -A mortgage payment is typically made up of four components: principal, interest, taxes and insurance. The Principal portion is the amount that pays down your outstanding loan amount. Interest is the cost of borrowing money. The amount of interest you pay is determined by your interest rate and your loan balance.
Detailed explanation-2: -You may be able to lower your mortgage payment by refinancing to a lower interest rate, eliminating your mortgage insurance, lengthening your loan term, shopping around for a better homeowners insurance rate or appealing your property taxes.
Detailed explanation-3: -The interest rate for each different type of loan depends on the credit risk, time, tax considerations, and convertibility of the particular loan.
Detailed explanation-4: -Credit Score. A credit score is a number given to you based on your repayment history with credit facilities such as credit cards, lines of credit and auto loan. Debt-to-Income Ratio. Down Payment. Employment History. Key Documentation. 02-Nov-2020