Mortgage Mike Helps | What Will My Buyer's Mortgage Payment Be?
Link to YouTube Video Episode: https://youtu.be/9TOvWeVm_Wk
Figuring out your mortgage payment is EASY for a good mortgage broker. Understanding what goes into it is important.
Mike Riley - Mortgage Loan officer, does just that in this episode. If you're ANYWHERE in the USA this math is going to be relevant but if you're in Florida - like Mike Riley is in Central Florida's Orlando Market - you're definitely doing the math like this. Mortgage Math is easy to learn with Mike Riley helping you out.
For more expert mortgage tips, visit mortgagemikehelps.com
Subscribe for the latest videos from Mortgage Mike Helps on YouTube @rileyteammortgageloans
00:00 - Intro: Mike Riley, Loan Originator
00:11 - Why You Should Know the Payment Before Making an Offer
00:25 - Components of a Monthly Mortgage Payment
00:33 - Principal & Interest Explained
01:19 - Quick Estimation Formula: $6 per $1,000 Borrowed
01:53 - The Mistake of Trusting Online Calculators
02:13 - Property Taxes & How They Can Change
03:07 - Homeowner's Insurance Factors
03:46 - What PMI Is & Why You Pay It
04:17 - Total Estimated Monthly Payment on $400K Loan
04:36 - Don't Forget About HOA Dues
04:50 - Call Mike Before Making an Offer
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