Mortgage Information
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Few people can buy a home for cash, which means that virtually all buyers – especially first-time purchasers – require financing. Dispite the recent news stories, interest rates are still historically very low and financing is still readily available. Most people with credit scores over 620 can still get 0-down or 100% financing. Get Pre-approved not Pre-qualified. "Pre-qualify" is a preliminary assessment of your ability to pay for a home, there is no credit check. "Pre-approval" means you have met with a loan officer and your credit files have been reviewed. The loan officer shows you one or more specific mortgage programs and based on this information, the lender will provide a pre-approval letter, which then shows your buying or borrowing power. "Certified Pre-approval" means income and assests have been verified. Your home purchase should only require an appraisal and title check. If you haven't already taken this very important first step and received your pre-approval or if you would like a second opinion, give me a call and I will be happy to have one of my excellent lenders follow up with you.
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Use the mortgage calculators below to assist you in making some decisions around financing your new home.
Mortgage Qualification Calculator
This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
Mortgage Payment Calculator & Amortization Table
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.