Mastering Mortgage Basics: 10 Key Concepts Every Homebuyer Should Know
Redfin
JULY 11, 2023
You then make monthly payments, including principal and interest, over an agreed-upon term (usually 15 to 30 years) until the loan is fully repaid. Government-backed loans, such as FHA or VA loans, provide more flexible qualification criteria and specific benefits. Once the borrower’s equity reaches 20%, PMI can be canceled.
Let's personalize your content