The metropolitan area of Shreveport, Louisiana, has experienced steady population growth dating back decades. This could stem from numerous factors, such as the allure of living in a mid-sized town with a low cost of living — all of which the city of Shreveport lists as reasons to live in the area. The diverse job market is another notable consideration that could draw individuals and families to Shreveport.

Whether considering a position with Shreveport-based businesses or moving there to enjoy the region, understanding the job market in Shreveport will help you establish a comfortable life.

Shreveport Employment Statistics

Shreveport’s workforce is around 177,600 people, with a 3.6% unemployment rate. Workers in the area earn an average of $24.61 per hour or around $51,200 per year — just shy of the $53,440 average in Louisiana.

The job opportunities in Shreveport consist largely of positions in industries such as manufacturing, education, health care, government, trade, transportation, utilities and construction. Numerous hotels and casinos employ thousands as well.

Workers in Shreveport’s most prominent industries earn the following estimated average annual pay:

  • Physicians: $303,000
  • Engineers: $93,000
  • Registered nurses: $87,000
  • Computer analysts: $72,000
  • Aircraft mechanics: $69,000
  • Secondary school teachers: $68,000
  • Public relations specialists: $63,000
  • Electricians: $51,000
  • Gambling dealer: $45,000
  • Construction laborers: $39,000
  • Office administrators: $39,000
  • Health care assistants: $30,000

Top Employers in Shreveport

Shreveport’s job market features positions with a diverse range of companies and organizations. Some of the largest employers in Shreveport are government agencies, while health care organizations, information technologies companies and industrial businesses each employ hundreds of individuals. Some of Shreveport’s most prominent employers include:

  • Barksdale Air Force Base
  • Willis-Knighton Medical Center
  • General Dynamics
  • City of Shreveport
  • Southwestern Electric Power Company
  • Caddo Parish Public Schools
  • Benteler Steel/Tube

Living and Working in Shreveport

As you analyze where to live and work in Shreveport, consider ways to better understand your potential monthly expenses. Assurance Financial has a free mortgage calculator you can use to estimate your monthly payment.

We encourage you to use our loan calculator to produce an estimate when budgeting for the Shreveport housing and job markets.

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Mortgages From Assurance Financial

At Assurance Financial, we’re the people people with technology that helps buyers manage their expenses. We can equip you with competitive financing when buying a home in Shreveport, so apply for a mortgage online in as little as 15 minutes.

From art and museums to sports teams and parks, Birmingham, Alabama, offers something for everyone to enjoy. If you’re moving to Birmingham from another state or from elsewhere in Alabama, one of the best ways to help yourself feel at home is to take advantage of the many activities and attractions this city provides.

Birmingham, Alabama, Sports Teams

Birmingham is home to several professional minor league and college sports teams. The current teams and their sports include:

  • Birmingham Barons: Baseball
  • Birmingham Bulls: Ice Hockey
  • Birmingham Legion FC: Soccer
  • Birmingham Squadron: Basketball
  • Birmingham Stallions: Football

With so many teams to see, multiple venues are available to catch a game or attend other events. Some of the venues in Birmingham are:

Attractions in Birmingham, Alabama

Birmingham, Alabama, is a vibrant city and offers a long list of attractions to explore. Some of the many attractions available include:

  • Vulcan Park and Museum: Vulcan Park and Museum enables visitors to learn more about Birmingham and access an observation tower with stunning city views.
  • McWane Science Center: Both young and old will appreciate the chance to learn more about science hands-on with McWane Science Center.
  • Birmingham Museum of Art: With more than 24,000 paintings, sculptures, prints, drawings and decorative arts, The Birmingham Museum of Art is one of the more diverse art museums in the area.
  • Birmingham Botanical Gardens: Spend the day immersed in nature as you take in the native flora and fauna at Birmingham Botanical Gardens.

Entertainment in Birmingham

Whether you’re in the mood for a concert, something fun for date night or an event that will entertain the kids, there are numerous entertainment opportunities in Birmingham, such as:

  • Locked In: The Birmingham Escape Room: Enjoy three different escape rooms for a unique way to test your puzzle-solving skills.
  • Alabama Theatre: Take in live music, classic movies and events at the Alabama Theatre.
  • Breakout Games: Try to escape as you develop your problem-solving skills at Breakout Games.
  • Iron City Bham: See a live show from your favorite artist at Iron City Bham.

couple grabbing the keys to their new house

Let Assurance Financial Help You Buy a Home Close to Everything Birmingham Has to Offer

If you’re ready to call Birmingham home, Assurance Financial is here to help. We offer various loan options to make it possible to buy the house of your dreams. Start your application today to get one step closer to calling this beautiful city your home.

Whether moving to a new Aiken County neighborhood or settling in the area for the first time, homebuyers often compare the various public and private schools available to their children.

Public Schools in Aiken

The Aiken County Public School District provides public education for students across the county. The district has over 23,000 students spread across 21 elementary schools, 12 middle schools and eight high schools. Around 48%- 51% of students in the district are proficient in reading, while roughly 34% achieve math proficiency.

Top High Schools in Aiken

Top Aiken high schools offering grades nine through 12 include:

  • Aiken Scholars Academy
  • North Augusta High School
  • South Aiken High School

Top Middle Schools in Aiken

Top Aiken middle schools offering grades six through eight include:

  • New Ellenton Middle
  • North Augusta Middle
  • Paul Knox Middle

Top Elementary Schools in Aiken

Top Aiken elementary schools offering pre-k through grade five include:

  • Clearwater Elementary
  • Belvedere Elementary
  • Chukker Creek Elementary

Private Schools in Aiken

Families in Aiken County can choose between 15 private schools. Each private school has a religious affiliation.

Over 2,500 students attend private schools in Aiken County. While South Carolina’s private schools comprise 8% of the student population, 10% of K-12 students in Aiken County attend a private school.

Mead Hall Episcopal School

Mead Hall Episcopal School is Aiken County’s premier private school. With a tuition over $11,000 for the highest grade, over 370 students attend the school. All of its students graduate and pursue post-secondary education.

South Aiken Baptist Christian School

South Aiken Baptist Christian School is another top choice for private K-12 education in Aiken County. Around 230 students attend the school, which costs over $6,000 annually. All South Aiken Baptist Christian School students graduate and receive college placement.

Victory Christian School

Victory Christian School is a private school in the North Augusta portion of Aiken County. This school is small, hosting 90-150 students each year. Tuition ranges from $6,250-$6,750, depending on the grade level. Around 75% of Victory Christian School graduates advance to colleges and universities.

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Finance Your Move to Aiken County, South Carolina

Assurance Financial can provide the financing and tools you need to move to Aiken County. You can use our mortgage calculator to estimate your payment while evaluating the cost of private school versus public education in Aiken County. To apply for a mortgage, complete our 15-minute pre-qualification process online or find your local loan officer to discuss options.

Assurance Financial Awarded at Total Expert’s 2024 Accelerate Conference

July 5, 2024

We’re proud to announce that Assurance Financial has been recognized in two categories at Total Expert’s 2024 Accelerate conference.

The fourth annual Expy Awards celebrate Total Expert customers for their ability to surpass the limits of what is possible to provide unparalleled customer experiences and drive the financial services industry forward. Winners are chosen for their utilization of the platform to the highest extent to drive business growth and build authentic customer connections. This year’s winners were announced at Total Expert’s 2024 Accelerate Conference in Minneapolis, Minnesota, where financial services leaders gathered to share winning strategies.

  • The Adopter: Without universal adoption, even the most innovative technology becomes shelfware. For Assurance Financial, the universal buy-in of the Total Expert platform into daily operations was a route to business growth and overall company success. They noted substantial increases in new loans, funded loans, email click-through rates, and task completion rates correlating to a growth in customer retention
  • Firestarter – Director of Marketing Lindsi Flynn: A user who embodies innovation, growth, and industry disruption within their organizations. Firestarters are at the forefront of driving positive change, sparking innovation, and propelling their companies toward a dynamic future.

“Our Expy Award-winners are some of the most forward-thinking organizations in the industry, empowering their workforce with the resources to meet growing customer expectations,” said Joe Welu, founder and CEO of Total Expert. “They are one step ahead of the industry—changing the way their teams leverage data by clearly recognizing customer needs, improving the decision-making process, and establishing more personalized customer journeys. We’re proud to celebrate their success and inspiring dedication to customer-centric innovation through Total Expert.” Learn more here.

Bursting with personality and unforgettable experiences, Atlanta is the crown jewel of the South. This vibrant city is home to many beautiful residential neighborhoods that offer a vibe just as eclectic as the city. Whether you’re looking for a modern home, a piece of Southern heritage or a bit of both, there are many available homes just waiting for you to make an offer.

Before you make an offer, however, you may want to take some time to learn about the latest Atlanta housing market trends so you can navigate the buying process with ease.

Housing Trends

With a competitive housing market, most homes in the Atlanta area receive multiple offers and sell around two months after listing. Current housing market trends in Atlanta show that single-family homes have seen increases in sale price, number of homes sold and days on the market. Conversely, townhouse and condo sales have seen a decline in sale prices.

Current Housing Demand

There is a high demand for houses in Atlanta, with the average home selling at slightly below the listing price. More popular homes generally sell for the asking price and are only on the market for a few weeks. Most single-family homes, townhouses and condos sell for their asking price.

Homeowner Migration

As a major city, Atlanta sees a high rate of people moving in and out of the city. While most people choose to remain in the Atlanta metropolitan area, many homeowners are moving to cities like Washington, D.C., and Macon, Georgia.

Many people are also looking to move to Atlanta from cities across the country. Some of the top locations people are moving to Atlanta from include New York City and Los Angeles, California.

Schools in Atlanta

Since Atlanta is the largest city in Georgia, it’s home to multiple school districts. Since Atlanta offers school choice, your child can attend school in another district if space allows. Some of the many options for school districts include:

  • North Atlanta Cluster
  • Douglas Cluster
  • Mays Cluster
  • Therrell Cluster
  • Grady Cluster
  • Washington Cluster
  • Carver Cluster
  • Jackson Cluster
  • South Atlanta Cluster

Atlanta’s Climate

Like any city, Atlanta faces environmental risks like flooding, fire, wind and heat. Atlanta is at a moderate risk for flooding and fires and a significant risk for wind and heat. Atlanta’s major environmental risk is hurricanes. In the next few decades, Atlanta will also experience more days with temperatures higher than 100 degrees Fahrenheit.

 

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Find Personalized Mortgage Options With Assurance Financial

At Assurance Financial, we want to make financing your dream home easy. From friendly loan advisors to a simple application, we make it easy to find a financing option that works for you. Contact us to learn more about our services, or complete a mortgage application today!

Taking out your first mortgage is a huge life step. A mortgage is a critical tool to have — it allows you to become a homeowner without putting down hundreds of thousands of dollars on the spot, and it lets you pay off your loan over time. About 96% of first-time homebuyers finance the purchase with a mortgage.

But mortgages are immensely complex, and many homeowners have questions when they first get started. How do mortgage payments work, exactly? And what is included in your monthly mortgage payment? We’re here to answer your questions so you can approach your new mortgage with confidence.

Topics Covered

What Are Mortgage Payments?

What is a mortgage payment? Mortgage payments are the payments you make on a long-term loan that enables you to buy your home.

Almost everyone who owns a home has a mortgage and makes mortgage payments. Homeowners typically make these payments monthly, over a fixed period of years. Some standard options include  15-year and 30-year mortgages.

What are the advantages of spreading out mortgage payments across more or fewer years? Each approach comes with pros and cons:

  • Shorter mortgages: Shorter mortgages tend to have lower interest rates and allow the homeowner to pay less interest overall. The tradeoff is that because the schedule becomes more compressed, these mortgages require higher monthly payments.
  • Longer mortgages:Longer mortgages tend to have higher interest rates. So homeowners who choose these mortgages will pay more interest overall. The appealing tradeoff is that by spreading the payments over a longer term, homeowners can lower their monthly payments to more affordable sums. So extended options are often attractive to homeowners looking to create more room in their budgets each month.

Benefits of Making Regular Mortgage Payments

Paying down your mortgage provides you with a couple of different benefits. One is that it reduces the amount of debt you have. As you slowly, steadily make payments, you decrease your debt burden. You increase your debt-to-income ratio, making yourself a more attractive borrower if you decide to take out new loans. You also get a little closer to having your home paid off and having a bit more cash to spend each month.

The second benefit is that you accrue home equity. Home equity is the amount of your home that you have paid off. It equals the value of your home minus the value of your remaining mortgage. So the more of your mortgage you pay down, the more home equity you’ll have. Maintaining as much home equity as you can is an excellent strategy for maintaining financial stability. You can also borrow strategically against your equity by taking out home equity loans — to perform renovations, say, and boost the eventual resale value of your home.

How Does a Mortgage Loan Work?

A mortgage loan is a type of loan that is used to purchase a property, such as a home or a piece of land. You borrow money from a lender to purchase the property and the property serves as collateral for the loan. Here’s how it works:

  1. Application: You apply for a mortgage loan with a lender, which involves providing personal and financial information.
  2. Pre-approval: The lender evaluates your creditworthiness and pre-approves you for a certain loan amount.
  3. Property search: You search for a property to purchase within the pre-approved loan amount.
  4. Property appraisal: The lender hires an appraiser to determine the value of the property to ensure it is worth the amount being borrowed.
  5. Loan approval: The lender approves the loan, and you sign a mortgage agreement that outlines the terms and conditions of the loan.
  6. Down payment: You make a down payment on the property, which is a percentage of the purchase price.
  7. Closing: You meet with the lender to finalize the transaction. This involves signing a promissory note and a deed of trust, which gives the lender a security interest in the property.
  8. Repayment: You make monthly payments on the loan, which typically include principal, interest, taxes and insurance. The loan is usually repaid over a period of years.
  9. Ownership: Once the loan is fully repaid, you own the property outright.

What Is Included in a Mortgage Payment?

Your mortgage payments consist of many different components that all combine into a single sum. Four main components — principal, interest, taxes and insurance (PITI) — go into the makeup of your mortgage payments, and additional fees may be included as well.

Below is a breakdown of those components:

1. Principal

The principal is the amount of money you borrowed from your mortgage lender and have to pay back. Generally, that sum is the price of your home minus your down payment. Say you bought a $300,000 house and put down a 20% down payment of $60,000. Your principal is then $300,000 – $60,000, or $240,000.

Most of your mortgage payment each month goes toward paying down the principal and interest. The part of your monthly payment that goes toward your mortgage principal is what pays down your loan and builds your home equity. Most mortgage structures favor paying down more of the interest at the beginning of the loan and more of the principal at the end.

2. Interest

Interest is the amount charged on the principal because the lender is loaning you the money. The purpose of interest is to reward the lender for taking the risk of lending to you. Charging interest is how lenders make money, keep their businesses running and pay their employees.

Interest rates vary from mortgage to mortgage, and conditions can change quickly. Interest rates decreased between 2018 and 2021, with average interest rates on a 30-year fixed-rate mortgage falling to as low as 2.65% in January 2021. Interest rates in 2023 are somewhat elevated, but many experts predict decreases as the year goes on.

The amount of interest included in your monthly mortgage payment varies inversely with the amount of principal included. At the beginning of your home loan, your payments will include a higher proportion of interest. Toward the end of your loan, that proportion will be much lower.

3. Taxes

Some mortgage payments also include real estate taxes, also known as property taxes.

Local governments assess property taxes to fund public services like schools, fire and police departments and the public works departments that maintain municipal infrastructure. The government requires these taxes annually, but homeowners typically pay them in monthly installments as part of their mortgage payments.

How does the local government receive those funds if it collects them only once per year? Your lender will hold the taxes for you in escrow and pay them once they come due.

If you’re looking at your property taxes and wondering why they don’t line up with the price of your home and your tax rate, remember that counties usually base property taxes on the assessed value of your home rather than on the purchase price. A property assessor looks over your house and then tells the local government its value.

So if you got a massive house at a great price, you might still have hefty property taxes incorporated into your mortgage payments. Say you bought a $600,000 home for $500,000. If the county property tax rate is 1.5%, you’ll pay $9,000 in property taxes for the year — $600,000 x 0.015. Divided by 12 months, that’s $750 in taxes on your mortgage payment.

4. Insurance

Does a mortgage payment include insurance? Usually, though not always. Your mortgage payment generally includes your property insurance payment and your private mortgage insurance (PMI) payment if applicable.

Property insurance is the insurance that covers your home in the event of a disaster like a fire, hurricane, tornado or even a burglary. It can include homeowners insurance as well as additional riders like flood and earthquake insurance.

Property insurance takes most of the risk from the homeowner and transfers it to the insurance company. So you’ll pay a little more each month, but you’ll pay a lot less in repair and replacement costs if disaster strikes.

Insurance payments work similarly to property tax payments. You’ll include them as part of your monthly mortgage payment even though they’re due only once a year. Your lender will hold the insurance money in escrow for you and pay it when the insurance company requires it.

5. Other Fees Included

Your mortgage payments may also include miscellaneous other fees, such as loan processing fees. These fees are likely to account for a minimal percentage of your overall monthly payment.

6. Private Mortgage Insurance (PMI)

If you make a down payment of less than 20% when you buy your home, your lender will likely require you to take out private mortgage insurance (PMI). Lenders use your down payment amount as a proxy to assess the risks associated with lending to you. Your PMI costs add a little to your mortgage payment each month.

Unlike property insurance, which protects you in case of a disaster, PMI protects your lender. It covers your lender if you become unable to make your monthly mortgage payments. If you miss payments, your PMI will kick in to cover the costs so your lending company doesn’t lose its investment. PMI will not protect you, however. If you fall behind on payments, you can still lose your home to foreclosure even though you have PMI coverage.

PMI is also important to many lenders because it enables them to sell loans to other investors. Having insurance backing minimizes these investors’ risk and makes them more willing to take on the loans.

PMI is relatively easy to remove from your mortgage payments after a while. Generally, once you’ve accumulated 20% home equity, you’ve convinced your lender of your fiscal reliability and can request to drop your PMI. Alternatively, you can sometimes stop your PMI at the midpoint of your amortization schedule — after the 20th year of a 40-year mortgage, for instance.

Additionally, once you pay off more of your loan, your mortgage insurance should drop automatically — usually once the balance reaches 78% or less of the original mortgage amount.

7. Homeowners Association (HOA) Fees

If you belong to an HOA, your mortgage payment sometimes includes HOA fees. These fees keep you in good standing with your HOA and, as with the lumped-in insurance and tax payments, offer convenience by minimizing the number of separate payments you must make.

Check out our mortgage calculators to help you better prepare for your loan.

Mortgage Payment Formula

The formula to calculate the monthly mortgage payment is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1 ]

Where:

M = Monthly mortgage payment

P = Principal amount borrowed (the loan amount)

i = Monthly interest rate

n = Number of monthly payments (loan term in years multiplied by 12)

For example, let’s say you take out a $200,000 mortgage loan with a 4% annual interest rate and a 30-year loan term. To calculate the monthly mortgage payment:

P = $200,000

i = 4% / 12 = 0.003333 (monthly interest rate)

n = 30 x 12 = 360 (number of monthly payments)

M = $200,000 [0.003333(1 + 0.003333)^360] / [(1 + 0.003333)^360 – 1]

M = $954.83 (rounded to the nearest cent)

Therefore, your monthly mortgage payment would be $954.83. Note that this formula does not include taxes, insurance or any other additional fees that may be included in the monthly mortgage payment.

Mortgage vs. Loan

A mortgage is a type of loan that is specifically used to purchase a property, such as a home or a piece of land. The property serves as collateral for the loan, which means that if you don’t make the mortgage payments, the lender can foreclose on the property and sell it to recoup their losses.

On the other hand, a loan is a more general term that can refer to any type of borrowing, such as a personal loan, a car loan or a business loan.

The main differences between a mortgage and a loan are:

  • Purpose: A mortgage is used to purchase a property, while a loan can be used for a variety of purposes.
  • Collateral: A mortgage is secured by the property being purchased, while a loan may or may not require collateral.
  • Repayment period: Mortgages typically have longer repayment periods than other types of loans, often spanning decades.
  • Interest rates: Mortgage interest rates are typically lower than interest rates for other types of loans due to the fact that they are secured by the property being purchased.

Frequently Asked Questions About Mortgage Payments

Below are a few commonly asked questions about mortgage payments and how they work:

1. When Are Mortgage Payments Due?

Mortgage payments are typically due on the first of every month, but they work differently from rent payments in terms of what month they cover. With rent payments, you typically pay upfront, putting down money on the first of the month for the upcoming month. With mortgage payments, on the other hand, you generally pay in arrears — paying for the previous month instead of the upcoming one.

2. When Do Mortgage Payments Start?

When new homeowners close on a house, paying the closing fees as they do, they often wonder how soon their mortgage payments will kick in, hoping for a little breathing room.

And they typically get it. Because you pay in arrears, your first mortgage payment is usually due on the first day of the month after the month you closed. Say for example that you closed on your house on January 19. Your first mortgage payment would be due on March 1 and would cover February.

What about the interest due for January? That interest generally rolls into your closing costs. You’ll be able to see the exact amount in your closing disclosure forms, along with your interest rate, loan amount and monthly payments.

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3. Do Mortgage Payments Go Down Over Time?

If you have a fixed-rate mortgage, your mortgage payments will not drop over time.

However, the amounts that comprise your loan do change over time due to your amortization schedule — the schedule of your payments. This schedule impacts how interest payments and principal payments are distributed. Generally, your initial mortgage payments favor your interest. You’ll be paying off more of your interest at first and less of the principal. Over time, as you pay down your home loan, your payments start to include more principal and less interest.

The result is that you pay down your interest faster than you pay down your principal. Why?

At the beginning of your loan, you naturally have a higher loan balance. So you owe more interest every month once you apply your interest rate to that loan balance. As time goes by and your loan balance decreases, you’ll owe less interest every month. So most of your payment will then go toward the principal, even though your total payment stays the same.

All that said, your mortgage payments may change slightly because of alterations in your insurance or tax rates. If your home’s value rises, for instance, your property taxes will likely rise as well, increasing your overall mortgage payment.

4. What Happens if I Make a Large Principal Payment on My Mortgage?

If you make a large payment on your mortgage, the extra payment goes toward paying down your principal. So in many cases, making a large payment is advantageous if you can afford it. It enables you to pay down your mortgage sooner and build equity faster.

And paying down the principal also helps you reduce your interest. The reason is that your lender calculates your interest from the amount of your principal. So if you lower your principal, you’ll lower your remaining interest as well.

With some mortgages, though, your lender will assess a prepayment penalty if you pay your mortgage down early. The prepayment penalty exists to compensate the lender for the interest it loses if you pay off your mortgage more quickly than expected. So you’ll probably want to sit down and do the calculations to figure out the best option for your finances. Determine whether your finances will benefit more if you pay your mortgage early and lower its overall cost or if you pay it slowly and steadily to avoid the prepayment penalties.

5. What Happens if I Miss a Mortgage Payment?

If you miss a mortgage payment, the penalties you’ll face depend on how late you were and how often you’ve missed payments in the past.

First Payment

Generally, the first time you miss a payment, you’ll receive a short grace period in which to get your payment up to date. That grace period is often about 15 days. Mortgage lenders need to receive their money — still, they understand that life happens, and they don’t want to penalize otherwise good, reliable clients. If you make your payment within that grace period, you probably won’t incur any penalties.

Second Payment

If you miss a second payment, or if the grace period goes by and you still haven’t made your first missed payment, you’ll start to feel the consequences. The first thing your lender will do if you miss mortgage payments or don’t pay within the allotted grace period is to impose a late fee. You’ll still be responsible for the missed payment, and you’ll have to pay a little extra as well. The late fee acts as a deterrent to discourage you from missing future payments. Depending on its policies, your lender may also report your delinquency to the credit bureaus. If your lender reports the late payment, you’ll take a hit to your credit score.

Once you miss two payments, your lender considers you to be in default on your mortgage. At this point, the lender is likely to become stricter and more forceful in its communications with you about making payments. However, most lenders don’t want to foreclose on a home unless they have no other options, so you can very likely still work out a payment deal at this point.

Third Payment

After three missed payments, you will receive a letter from your lender advising you that you have 30 days to make the missed payments, and then your lender will begin foreclosure proceedings. If you don’t make payments during that 30 days, foreclosure will start.

The upshot is that you’ll need to ensure you make your mortgage payments on time each month so you can stay in the home you love. Remember that your mortgage is a secured loan — your house and property make up the collateral to secure it. If you fail to make mortgage payments, you could lose your home to foreclosure.

6. Can I Change My Mortgage Payment Amounts?

If you have a fixed-rate mortgage, you’d usually need to refinance your home to change your mortgage payment amounts.

Many homeowners refinance their homes at some point to lower their interest rates, increase or reduce the mortgage length, or reduce their monthly bills. Refinancing is a considerable undertaking since you’re applying for a mortgage all over again. Still, it is well worth the trouble in many scenarios.

To obtain changeable mortgage payments, you can also take out an adjustable-rate mortgage. If you have an adjustable-rate mortgage, your monthly payments will change often as your interest rates fluctuate.

With an adjustable-rate mortgage, the interest rate remains fixed for a determined time and then adjusts at predictable intervals — every five years, every year, even every month. At the end of the predetermined period, the interest rate adjusts to reflect the current market rate.

Adjustable-rate mortgages can be a risky gamble — you can’t be certain how your rates will change. If you feel confident that interest rates will drop over time, though, you might consider taking out an adjustable-rate mortgage to reap the benefits of market changes.

Apply for a Mortgage With Assurance Financial

When you’re ready to take the exciting step of purchasing a new home, work with Assurance Financial to take advantage of historically low rates.

We make it easy to apply for a mortgage and estimate costs during the process, and you can get pre-qualified in 15 minutes. Our licensed, approachable, trustworthy loan officers have the industry knowledge and expertise to get you custom competitive rates. And we have just about every type of home loan available, from conventional loans to FHA and VA loans to loans designed specifically for jumbo or modular homes.

Whether you’re a first-time homeowner, downsizing, dreamsizing or looking for an investment property or a vacation home, we can make getting started with your loan quick and convenient. And because we’re an independent lender rather than a mortgage broker, we give you the security and peace of mind of knowing we’ll never pass your loan or personal data on to anyone else.

Apply online, or contact us today for a no-obligation quote.

 

Sources:

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  2. https://assurancemortgage.com/everything-you-need-to-know-about-30-year-fixed-rate-mortgages/
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  5. https://assurancemortgage.com/loan-application-process/
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  7. https://assurancemortgage.com/what-are-closing-costs/
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  14. https://assurancemortgage.com/how-do-you-calculate-your-estimated-mortgage-payment/
  15. https://www.investopedia.com/ask/answers/081516/how-many-mortgage-payments-can-i-miss-foreclosure.asp
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