Mortgage Payments

Front

A mortgage payment can include payments related to owning the property such as taxes.

Back

True

Front

Principal & Interest payment (P&I) does NOT include any escrow.

Back

True

Front

To figure out the P&I on a loan, you only need to know the Loan Amount, Rate, and ______.

Back

Term

Front

Octane will calculate the monthly payment for you.

Back

True

Front

The P&I is the only portion of the payment the lender has control over

Back

True

Front

These items fall under this category: Property Taxes, Homeowners Insurance, Mortgage Insurance, and Flood Insurance that may be on the loan.

Back

Escrows

Front

A borrower is required to include Escrows on their payment if the Loan To Value is above ___%

Back

80

Front

Some borrowers choose to pay their taxes and Homeowner's insurance on their own. This is known as

Back

waiving escrows

Front

The escrow selection tab can be found on this screen in Octane. Options: Charges and Credits, Credit, Terms, Assets

Back

Charges and Credits

Front

_____ taxes are set by the City or County where the home is located. The tax amount can sometimes be broken into City, County, or Township.

Back

Property