How do you find the annual premium for housing costs?
If you are referring to finding your annual mortgage insurance premium, there are a lot of steps: First Calculate the loan to value ratio, or LTV. LTV = loan amount /total mortgage value, where loan amount = total value of mortgage -- down payment on
Answered by Meg T. -
About Mortgage
A mortgage is a loan that is secured by a property/house and is paid in installments over a set period of time. For buying homes, mortgage loans are used almost always around the world, only in rare cases are cash or other forms of credit used for payment. The word mortgage comes from a Law French term meaning ''dead pledge.'' This means the pledge ends when the obligation is fulfilled, or the property is taken through foreclosure.
About Loan
A loan is a financial agreement between a lender and a borrower. In most cases, a sum of money is given with a set interest rate attached to it. Common types include business and personal loans.
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