48 Meriden Rd, Suite 1, Middlefield, CT 06455
844.788.7237
info@northeast-mortgage.com

What’s included in a monthly mortgage payment?

First Time Home Buyer, Mortgage Basics

As you figure out your home budget, it’s key to consider all the factors that will make up your mortgage payment. Here we share four important elements, known as PITI, which affect the amount you will pay each month:

P

Principal
Amount borrowed
to buy your home

⇑

Payment goes toward

⇓

⇓

⇓

⇓

Your House

I

Interest
Percentage of principal
based on interest rate

⇑

Payment goes toward

⇓

⇓

⇓

⇓

Lender

T

Taxes

⇑

Payment goes toward

⇓

Escrow Account

A lender-managed account that pays recurring costs from the money held here

⇓

Local Gov’t

I

Insurance

⇑

Payment goes toward

⇓

Escrow Account

A lender-managed account that pays recurring costs from the money held here

⇓

Insurance Co.

Contact us today to explore your financing options and advance toward your dream home!

(844) 788-7237
NMLS#117273
0


General Disclosure

When discussing programs that allow for 3.5% down, 0% down, or a percentage down – the borrower is not required to only put that exact percentage down. FHA, USDA, VA, CHFA, Jumbo, and Conventional Mortgages allow borrowers to put down more of a percentage if they desire to. The percentages mentioned in the information provided is the minimum down payment that these programs require. Each one of these programs have specific credit score, debt-to-income ratio, and payment history requirements to qualify for the minimum down payment.

Disclaimer

Northeast Financial is presently in the process of applying for their Mortgage Broker’s license in the state of New York.  Website authorization by the New York State Department of Financial Services is pending.  Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. If you are a New York Resident – please do not submit any information through our website.

 

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Connecticut Mortgage Broker License # 20995. North Carolina Mortgage Broker #B-176940. Florida Mortgage Broker License #MBR5370. Registered Mortgage Broker New York #RMB 209075
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The content provided within this website is presented for information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. Other restrictions may apply. Mortgage loans arranged through third party providers. Does not make loans, issue a pre-qualification or pre-approval in the state of New York.

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