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REALTOR® Laura Sellers, Auburn, ALREALTOR® Laura Sellers, Auburn, AL

Everything you need to know about buying or selling a home or condo in the Auburn-Opelika, AL area!

LauraSellers01@Gmail.com
334-332-7263 Direct

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Ways Your Monthly Payments Can Change

Ways Your Monthly Payments Can Change

Refinancing, canceling mortgage insurance, forbearance and loan modification are ways to lower your monthly mortgage payment if it feels unaffordable. This #GoodToKnow article will tell you all you need to know about lowering your monthly mortgage payment, and if you till have questions contact me for further assistance.

This is one of the best times to get a fixed-rate mortgage. Since interest rates have hovered near record lows for years, they’re bound to go up rather than further down.

You could get lower mortgage payments temporarily with an adjustable rate mortgage or hybrid loan that employs a fixed rate for five years or so and adjusts to market rates when the fixed term expires. Your payment could reset to a much a higher and less affordable interest rate in the future.

A far safer option is the fixed rate mortgage with a rate that never changes over the life of the loan. Even so, your monthly payment can change in other ways.

If you put less than 20 percent of your home’s purchase price as a down payment, lenders will require that you pay for private mortgage insurance (PMI). Expect your payments to rise by 0.3 percent to 1.2 percent of the loan amount. In some cases, PMI can be removed.

Your monthly payments should include escrows for hazard insurance. The amounts can change, so monitor your annual insurance statements from your insurer when it’s time to renew. Your lender will divide the annual amount into monthly payments for your lender to add to your escrow.

Your property tax authority will send you a new statement annually, usually in the spring or early summer. Your tax basis will be based on the purchase price you paid. Most communities place annual limits on increases to avoid homeowner sticker shock.

Berkshire Hathaway HomeServices Preferred Real Estate, Best Auburn Realtors, Best Opelika Realtors, Relocate to Auburn, Move to Auburn, Homes for sale in Auburn, Homes for Sale near me, Houses for Sale Opelika, Luxury Homes for Sale Auburn

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Laura Sellers
EXPERT IN AUBURN-OPELIKA, AL REAL ESTATE SERVICES If you are buying or selling property in the Auburn - Opelika, AL area, I will provide you with the service that you need. I work at the #1 real estate company in Auburn's #1 office. Please contact me today!
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Posted in: Uncategorized Tagged: berkshire hathaway homeservices preferred real estate, best auburn realtors, best opelika realtors, homes for sale in auburn, homes for sale near me, Houses for Sale Opelika, housing payments, luxury homes for sale auburn, mortgage rates, move to auburn, relocate to auburn, zillow auburn

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REALTOR® Laura Sellers, Auburn, AL

334-332-7263 Direct
LauraSellers01@Gmail.com



1810 E Glenn Ave., Suite 100
Auburn, AL 36830



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Auburn Real Estate

Did you know the hottest homes for sale in Auburn often sell within days of being listed? Don't miss out! Set up your own custom property alert so you can be notified of the newest homes as they hit the market! Simply click the button below and choose the qualities that you want most in a home and save your search to start getting alerts today!

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