Question 1

What is IBAN number?

Accepted Answer

IBAN (International Bank Account Number) is a standardized international numbering system for bank accounts, used primarily in Europe and other countries. It contains up to 34 characters identifying country, bank, and account.

Question 2

What is a fixed-rate mortgage?

Accepted Answer

A fixed-rate mortgage has an interest rate that remains constant throughout the entire loan term (typically 15 or 30 years). Your monthly principal and interest payment stays the same, making budgeting predictable. This protects you from rising interest rates but won't benefit if rates drop unless you refinance.

Question 3

What are closing costs on a mortgage?

Accepted Answer

Closing costs are fees paid at the end of a real estate transaction, typically 2-5% of the loan amount. They include appraisal fees, title insurance, attorney fees, origination fees, credit report charges, inspection costs, recording fees, and prepaid items like property taxes and homeowners insurance. Some costs are negotiable or can be rolled into the loan.

Question 4

Should I pay statement balance or current balance?

Accepted Answer

To avoid interest charges, pay at least the statement balance by the due date. Paying the current balance (which includes newer charges) can help keep your credit utilization lower and may give you a head start on the next billing cycle, but it's not required to maintain the grace period.

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Frequently Asked Questions

What is IBAN number?

What is a fixed-rate mortgage?

What are closing costs on a mortgage?

Should I pay statement balance or current balance?

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