Q: Why doesn’t my payment stay the same when I buy a house on a 15 or 30 year fixed interest loan?
A: Your principle and interest stays the same throughout the life of the loan. What varies is your escrow payments (homeowners insurance and property taxes).
Wednesday May 10th 8pm cst, I will be doing a homebuying webinar going over the loan process, if you are interested in buying a home soon or even a realtor that would love to be educated so that you can relay the information to your clients, be sure to tune in!