ࡱ> egd!` 8bjbj\\ :F>>sjjjjjjjJJJJT$ ?VVVJ%e???????$@hPCA?uj)%%))A?jjVJ?{{{) jVjJ?{)?{{6:jjY=V ٺJ3;>$?0?;CI(C8Y=Y=Cjw>)){)))))A?A?q )))?)))) D ~$jjjjjj MORTGAGE INFORMATION SHEET For  FORMTEXT Type your names here Mortgage Terms  provide a definition for each term escrow account -  FORMTEXT       amortization -  FORMTEXT       closing -  FORMTEXT       closing costs -  FORMTEXT       title insurance -  FORMTEXT       deed -  FORMTEXT       appraisal -  FORMTEXT       settlement -  FORMTEXT       Private Mortgage Insurance Generally, you need a down payment of 20% of your mortgage amount to avoid paying Private Mortgage Insurance (PMI). PMI rates will vary based on the cost of your home and the amount of your down payment, but they typically amount to one-half of one percent (0.5% or 0.005) of your loan principal. For example, let's say you put down 10 percent or $10,000 on a $100,000 house. The amount of your loan principal will be $90,000 (the cost of the house minus your down payment. The lender multiplies the $90,000 loan principal by the PMI rate of 0.5%. The result is an annual PMI of $450, which is divided into monthly payments of $37.50. Based on the cost of your home, do you have a sufficient down payment to avoid PMI?  FORMTEXT       If not, how much will the PMI cost you per month?  FORMTEXT       Finding a Good Mortgage Use an Internet search engine to find mortgage rates in the area in which you are purchasing your home. When you find the best rate for your home, provide the following: name of the mortgage company -  FORMTEXT       type of mortgage (fixed, variable, balloon, etc) -  FORMTEXT       number of points -  FORMTEXT       interest rate -  FORMTEXT       Go to  HYPERLINK "http://www.mortgage-calc.com" www.mortgage-calc.com. Select the Simple Amortization Calculator from the list. Enter the purchase price of your home less your down payment for the amount of the principal. Enter the interest rate for your loan and then the length of the loan (number of years in the mortgage time 12 months). Provide the following: Principal -  FORMTEXT       APR -  FORMTEXT       Monthly loan payment -  FORMTEXT       Total Interest (last amount shown in the Total Interest column) -  FORMTEXT       Total Loan Value (last amount shown in the Payment column) -  FORMTEXT       If your mortgage has points, how much cash will you be paying for the points on settlement day? (You will need to make a calculation based on what you have learned about closing costs.)  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