Salt Lake City Home Buyer|SLCHomeBuyer Salt Lake City County

Salt Lake City Homes • Kevin Coyle, MBA • Associate Broker • (801) 243-0699

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Mortgage Payments

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What's Included in Your Mortgage Payment
Real Estate Financing

Your monthly mortgage payment will consist of the following

 

•  Principle & Interest (the loan payment)
•  Private Mortgage Insurance (Insures bank if you put less then 20% down)
•  Real Estate Property taxes
•  Home Owners Insurance

Once you have 20% equity in your property, you can petition the lender to remove the mortgage insurance. Most loans require 20% or slightly more equity plus 2 years before they will allow this.

Once you have 20% equity, you can choose to pay the real estate property taxes and home owners insurance out of your own pocket as due. If you choose to pay them yourself, make sure you budget for it, not paying your property taxes and home owners insurance can have serious consequences.

 

 
 
 
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