QandAs: Loans

How much will my Mortgage cost?

Answer:

Before you fall in love with a new home, it pays to

know exactly what you are getting into mortgage-wise. By doing a little homework before you begin the process of shopping or a home or home mortgage, you will know exactly what your mortgage will cost including monthly expenses as well as upfront costs and future “adjustments”.

Armed with this knowledge, you’ll avoid the temptation to get in over your head and the heartache of falling in love with a house you can’t afford.

First, go to the QandAs.com Financial Calculator page and take a look at the various mortgage loan calculators we offer. The internet is loaded with calculators but our calculators offer a comprehensive look at a variety of factors you must consider in order to get the big picture.

You’ll be able to determine:
·    How much you can afford to borrow
·    How much your monthly payments will be
·    How much your adjustable payments will be (if you choose and adjustable mortgage)
·    Whether to pay points or not
·    Whether to go for a 15 or 30 year term
·    What your closing costs will be
·    Ways to reduce PMI
·    And much more.

You can even enter what you are willing to pay according to the terms you want and see how much home you can afford. For example, if you have $20,000 for a down payment, are able to afford $1500 per month, think you can get a 6.5% 30-year loan, expect to pay $800 per year in insurance, and are in a 1% property tax area, the calculator will tell you that you can afford a $201,531 home and that you will need to qualify for a loan amount of $181,531.

Do your homework, it only takes a few minutes. Next, go to a lender and get pre-qualified for a loan. Your realtor and potential sellers will appreciate your foresight and you’ll know exactly where you stand before you overextend yourself.

For a New Home Loan Quote Click Here
To Refinance your Mortgage Click Here
For a Home Equity Loan Quote Click Here