When you buy a home and take out a mortgage, you need to make regular mortgage payments. Libro offers a variety of mortgage payment options, and your choice depends on your unique mortgage goals.
Other Mortgage Payments
Want to be mortgage free sooner? Here’s some other mortgage payment options available:
- 20:20 Penalty-Free Pre-Payment: You can pay up to 20% of the original mortgage balance on the mortgage anniversary date and reduce your interest costs. You can also increase your regular mortgage payment amount by up to 20% each year.
- Double-up your Payment: You can make extra complete payments on any regular payment day. These payments go directly to your principal.
- Portability Option: If you have to move before your mortgage term is up, there is no penalty to transfer your existing mortgage* as long as the mortgage transfer is with Libro. We can increase your mortgage amount and blend your previous and your new rate. The mortgage balance and interest rate move along with you into your new home.
*Since scenarios vary by individual, please talk to a Libro Coach to talk about your specific home buying goal. For example, if you are planning to downsize into a smaller home this would mean carrying a smaller mortgage amount. A downsizing decision might include different mortgage transfer arrangements and costs.
If you have been thinking of buying your first home and looking at different properties, you might be wondering “How much can I afford?” A Libro Coach helps you answer this question and many more! An important part of this conversation is the amount you are planning to use as a down payment for your home purchase. The higher the amount of the down payment, the faster you are be able to achieve mortgage-free prosperity.
Here are three things to consider about mortgage down payments. Talk them over with your Libro Coach to see how they apply to your plans to own a home.
Ready to buy your first home with Libro, or have questions?
To start your pre-approval, Libro will require information about your current financial situation, including these topics:
- Outstanding debts, such as personal loans, student loans, credit cards, etc.
- Monthly expenses