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Video instructions and help with filling out and completing va life insurance loan form

Instructions and Help about va life insurance loan form

It's easy for VA buyers to think of their monthly mortgage payment as one flat bill to take care of every month but your mortgage payment is really the sum of a handful of expenses related to buying and owning a home typically your mortgage payment is made up of four distinct pieces the first is principal so you repay a portion of what you borrowed every month this is known as your principal balance or principal for short second is interest it costs money to borrow money and so a portion of your payment covers the interest charges on the loan third are property taxes now as a service to borrowers VA lenders will often collect a portion of your annual property tax bill every month the lender or servicer puts those funds into an escrow account and then pays the bill on your behalf when it comes to when last homeowners insurance mortgage lenders will require borrowers to have sufficient insurance on the property and just like with property taxes lenders will escrow a portion of your annual homeowners insurance premium every month and make sure the bill gets paid when it's due homebuyers will often see these four costs described as piti which stands for principal interest taxes and insurance this is the recipe for most mortgage payments now essentially you're paying one bill each month just making one payment but the funds get distributed two ways one way is toward covering the principal and interest the other chunk covering escrows for taxes and insurance VA buyers who choose a fixed mortgage fixed rate on that loan they lock in the principal and interest payments for the life of that loan for the whole loan term but it's critically important for borrowers to understand that the last two parts of their mortgage payment property taxes and homeowners insurance these costs can change every year and that means that your monthly mortgage payment your overall piti that can increase or decrease every year even if you have a fixed interest rate now VA buyers with a fixed rate will pay the same amount toward principal and interest each month for the duration of the loan but the relationship between the two changes over time so when you first start repaying your loan the interest portion represents the bulk of your overall principle and interest payment as the years go on you slowly begin to pay more towards your principal loan balance these typically even out about halfway through your mortgage term and after that point more of your payment starts going toward paying down principal rather than paying interest to your lender or servicer so let's look at an example so we'll say that you've got a 30-year va loan at $250,000 and it's fixed at four and a half percent so this example we can use to calculate the monthly principal and interest payment and on this example loan it's one thousand two hundred and sixty.