Amortization Schedule Explained

Amortization schedule, typically used to describe the payment schedule of a mortgage home loan through a schedule of systematic payments that are equal in value. The monthly payments are continued until the mortgage is repaid in full. This is particularly helpful in understanding how the PI (Principal & Interest) in the PITI (Principal, Interest, Taxes & Insurance) breaks down month to month and starts to change with more going towards the principal at the later stages of the loan. [Read More]

FHA mortgage tips for first time home buyers

If you are a first time home buyer you may be thinking about an FHA mortgage for the purchase of your first home. These mortgages are guaranteed by the U.S. Federal Housing Administration and are designed with low-to-moderate income home buyers in mind. FHA mortgages feature less stringent income requirements for buyers. For instance, buyers only have to produce a 3.5% down payment and can have a less-than-perfect credit score. If you're planning to purchase a home with an FHA mortgage, here are some important tips to keep in mind. [Read More]