Selling

MORTGAGE INFO

The mortgage refers to the loan obtained for purchasing real estate. A monthly mortgage can contain several components. Here are just a few common elements of mortgages:

Principal
The original balance of money loaned.

Interest
The charge for use of [loan] money.

Property taxes
The County Tax Assessor charges property taxes based on the value of the property.

Hazard insurance
Protection against loss resulting from certain hazards, such as theft or fire.

Private mortgage insurance (PMI)
Loans with small down payments involve greater risk for the lender, so the lender requires protection in case the loan goes into foreclosure. Anything less than a 20% down payment usually requires PMI on FHA loans.

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