The "principal" on a mortgage loan refers to the outstanding balance due on the original loan amount. As time goes by and you diligently make your monthly payments, the principal balance gradually decreases.
It's like watching a savings account grow in reverse – instead of depositing money, you're reducing what you owe. It's a wonderful feeling to see that number decrease over time, inching you closer to the glorious moment when you finally pay off your mortgage in full.
So, the principal balance is not just a number on your statement; it's a measure of progress, a symbol of your commitment, and a sign that you're building equity in your home.
Interest Rates Have Increased
Borrowers May Not Qualify
Due to DTI Calculation
Time To Consider
NO RATIO PROGRAM
No DTI calculation
No Income on Application
No Employment on Application
No Tax Returns
No W2s
No 1099
Only Required to Have
as low as 20% Down Payment
80% LTV = 720+ FICO - 12 Months Reserves
75% LTV = 680-719 FICO - 9 Months Reserves
65% LTV = 660-679 FICO - 9 Months Reserves
Funds for Down Payment
Closing Costs
Prepaid’s
Reserves
Primary Residence
Second Home
Purchase
Refinance
Minimum Loan $200,000
