Sentences with phrase «borrowing over the term of the mortgage»

In this case they could access the best rates at 2.99 % and bi-weekly payments for their mortgage of $ 392,730 would be $ 856.30 and cost of borrowing over the term of the mortgage would be $ 54,209 plus the $ 780 for the line of credit for a total of $ 54,989 still much lower than the cost of the cash back option.

Not exact matches

He called monetary policy «the last line of defence» when it comes to trying to influence mortgage markets — essentially discouraging buyers from borrowing more than they can afford to pay back over the long term.

It's also important to remember that the APR represents the total cost of borrowing over the life of the loan, which assumes you'll be paying the mortgage for the full - term.

In other words, it borrows money from depositors over the short term, promising to repay it on demand, while it lends most of that money out over the long term to borrowers, for instance in the form of 30 - year mortgages.

While gains in short - term rates have a minimal effect on the amount of loan proceeds reverse mortgage borrowers may be eligible to receive, hikes in longer - term rates can significantly reduce their borrowing power over time.

The APR represents the actual yearly cost to borrow the mortgage over the term of the loan.

Typically, the amount of interest paid associated with mortgages costs at least two - thirds more than the borrowed loan amount over the loan life if payments are made on a normal amortization (30-20-15 year loan term) schedule.