This disclaimer (“Disclaimer”) sets forth the general guidelines, disclosures, and terms of your use of the MortgageCast.com website (“Website” or “Service”) and any of its related products and services (collectively, “Services”). This Disclaimer is a legally binding agreement between you (“User”, “you” or “your”) and MortgageCast.com (“MortgageCast.com”, “we”, “us” or “our”). If you are entering into this Policy on behalf of a business or other legal entity, you represent that you have the authority to bind such entity to this Policy, in which case the terms “User”, “you” or “your” shall refer to such entity. If you do not have such authority, or if you do not agree with the terms of this Policy, you must not accept this Policy and may not access and use the Website and Services. By accessing and using the Website and Services, you acknowledge that you have read, understood, and agree to be bound by the terms of this Disclaimer. You acknowledge that this Disclaimer is a contract between you and MortgageCast.com, even though it is electronic and is not physically signed by you, and it governs your use of the Website and Services.1. Confirm with your lender: Ensure there are no prepayment penalties. 2. Verify the process: Ask exactly how to make an extra payment so it is applied correctly to the principal balance, not to future interest. 3. Get your financial house in order: Pay off high-interest debt and build an emergency fund first.
Closing costs for an assumption are similar to a traditional purchase and can include:
Lender assumption fee (often $500 - $1,500)
Appraisal fee
Title insurance and search fees
Escrow fees
Prepaid property taxes and homeowners insurance
For a fixed-rate mortgage, the APR is locked in at closing and will not change. For an Adjustable-Rate Mortgage (ARM), the initial APR is fixed for a set period, but after that, it can fluctuate based on the index and margin outlined in your loan agreement.
Prioritize: Splurge on key items you use daily (like a mattress and sofa) and save on accent pieces.
Buy Over Time: You don’t need to furnish every room at once.
Shop Secondhand: Look for quality solid wood furniture at estate sales, auctions, and online marketplaces.
Wait for Sales: Major holidays are the best times to buy big-ticket items.
An amortization schedule is a table that shows the breakdown of each monthly mortgage payment throughout the life of the loan. It details how much of each payment goes toward paying down the principal balance versus how much goes toward paying interest. Early in the loan, a larger portion of each payment goes toward interest.
