The Monthly Payment
Once you have decided to take out a home mortgage loan, you
will want to know approximately how much your monthly payment
is going to be. Option One Mortgage wants consumers to know
that depending on how much money you have for a down payment,
how much you plan to borrow, and the interest rate, your payment
can vary. It is important to take all these factors into account.
Within the monthly mortgage payment, there will also be other
costs, such as escrow accounts and, if required by your lender,
private mortgage insurance.. If your loan is originated by
Option One Mortgage, your loan officer will make it a point
to explain to you every component of your monthly mortgage
payment. Educating consumers is an important concern of every
lender who offers loans originated by Option One Mortgage.
Make sure you have a monthly payment you can afford. Your
loan officer will work with you to be certain the amount of
your mortgage loan is a good fit with your financial situation.
Remember, there are certain expenses associated with homeownership
that may not be a part of your budget as a renter. Examples
include association fees, utility bills, garbage pick up fees,
Be sure you take these additional expenses into account when
planning your budget once you have taken possession of your
new home. If you are unsure how much to budget for certain
expenses, such as water and sewage service for example, ask
a friend or neighbor about how much they typically pay.
Option One Mortgage encourages first time buyers to have
a specific and realistic understanding of their financial
obligations as a homeowner.