7 February 2023
A home loan is a long-term commitment that will have a significant impact on your finances, so it's important to learn about the terms of your loan before signing the contract. However, there are two things people frequently forget to discuss when taking out a mortgage and why they're important to sort out from the start. How are Payments Applied to the Balance? Although you'll typically make only one payment each month to the bank, that payment will be divided up and applied to different obligations attached to your loan.