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Helping families finance the American Dream
When you are ready to begin looking at homes, you should contact us to get the assistance of a qualified real estate professional, and then take the time to speak with a mortgage broker or lender whom you are comfortable with. You will want to obtain a written Pre-Approval Letter from your lender. Having a Pre-Approval in hand will allow you to make an Offer quickly once you've found the right home, and it gives your Offer credibility. Its common for sellers to expect and frequently require a Pre-Approval letter before they will consider Offer Contracts.
If you think you will be trying to purchase a home in the near future, now is the time to examine your credit report to verify that everything in it is accurate and nothing is negatively impacting your credit score. Here's a well-respected site to learn more about Credit Reports and Scores . You are entitled to a free credit report from each of the three bureaus every year, so feel free to access your personal Credit Report at no cost, and carefully review it to ensure there isn't any innacurate information showing up.
As always, don't hesitate to call us if you find you have further questions! |
Mortgage Calculator
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Use this calculator to help you examine loan amounts, mortgage qualification, affordability and even whether you should be renting or buying!
Fill out the fields below and click Calculate Now. To view the results of each type of calculation, click on the various tabs. You may even e-mail yourself a copy of the results: just click the Receive this Detailed Analysis link and provide your e-mail address!
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Your Monthly Payments
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Q. How do I know how much I can afford to purchase?
A. There's a difference between how much lenders can approve you for and what you can afford financially. The monthly payments you can afford may be more or sometimes less than what you are able to be financed for. So first, take some time to organize your expenses and determine your total income, and compare the two to discover what is the maximum you can spend on housing. You can then use this calculator on the left to get an idea of your current borrowing capacity and what your monthly payment will allow you to purchase. Where lenders are concerned, buyers are capable of purchasing a home with a value of two or three times their annual household income. The amount you can borrow is dependant on many factors including employment history, credit history & score, current financial picture (savings and debt), and down payment. There are also special loan programs available to first time home buyers and veterans, which may apply to you depending on your particular situation.
Q. What are the differences between the types of mortgages and how do I choose the right type for me?
A. You should contact a mortgage broker or financial institution to get advice about how each type works and which will be best for your current situation. They will work with you to create a picture of your circumstances and give you sound advice about the various programs. Which mortgage program you choose depends on many factors - one of the biggest determining factors it how long you think you will own your home.
Q. What does the typical mortgage payment cover?
A. Mortgage payments usually include three portions:
Principal: Which is a repayment of the amount borrowed
Interest: Payment given to the lender for lending you money
Taxes & Insurance: Sometimes optional payment into an escrow account for property taxes and/or hazard insurance. If optional on the mortgage you will be remitting payment to the Tax Assessor and property insurance company.
Q. How much money is necessary to purchase a home?
A. This can vary depending on the situation. Frequently we find you will need have the following:
Earnest Money: A deposit given with the offer to purchase
Down Payment: A percentage of the purchase price
Closing Costs: Costs associated with processing paperwork to purchase
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