Choosing the Right Loan

There many loan programs on the market today to meet the varying needs of borrowers. Your PMAC Loan Professional will help you evaluate each option so that you may choose a mortgage that is right for your current and future circumstances.

A mortgage is the loan you obtain to buy your home.  Your mortgage payment consists of principal and interest.

• principal is the original amount borrowed
• interest is the fee the lender charges you to borrow the principal

The majority of your payment is credited toward the interest at the beginning of the loan term.  As the loan is paid down, the amount paid toward the principal increases.  An impound account used to pay your property taxes, homeowners insurance, and possibly private mortgage insurance (PMI) may be attached to your mortgage by choice or lender requirement.