Mortgage Calculations, Rent vs Buying
The questions you need to ask yourself is how do I figure all this out. You can start by utilizing our mortgage calculators. Plug in different variables in order to look at different scenarios. It is important to find the right home and loan to match your budget.
Use our mortgage calculators to figure out your estimated monthly payment in advance. Based on your prequalification enter your maximum loan amount, interest rate, and length of mortgage. Try different variables to see how your payment changes. Find out how long it will take to pay off debts, What happens if I pay more on my mortgage than the minimum payment and how much income do I need to qualify!!!
General Mortgage Information
What a Mortgage Payment Consists of – PITI
|1) Principal: The repayment of the original amount borrowed on a monthly basis.2) Interest: The cost of borrowing the principal amount, repaid on a monthly basis.3) Taxes: Real Estate taxes paid to a local government agency.4) Insurance: Homeowners insurance on the home. Also any mortgage insurance, which is paid to protect the mortgage company.The total of these items is known as the PITI (Principal/Interest/Taxes/Insurance) payment.|
Finding a Mortgage In Mohave County Kingman Arizona
|Dale Lucas at Eagle Realty works with multiple lenders who are qualified professionals throughout Mohave County and in Kingman Arizona. If you are looking for a mortgage lender please contact Dale directly at 928 377-6692 and he will assist you in finding the lender that fits your particular needs. Some buyers will need mortgage brokers and other will need credit unions or personal banks. Depending on your credit score, debt to income ratio and other factors Dale can help you determine which mortgage lender will work best. Dale also has experience working with different lenders and can let you know about his experiences with each of them. Use our mortgage calculators to gauge how much your mortgage payment might be.|
What is Prequalification? Does it mean that the loan is approved?
|Prequalification is the initial step in securing a mortgage. It is not an approved loan. A lender will analyze your current income to debt ratio and basic credit history in order to prequalify you for a maximum loan amount. This gives you a clear picture of your financial parameters and a maximum housing price (the mortgage amount plus your down payment).With a preapproval, the lender verifies your income, debt and financial picture, approving the loan subject to a favorable appraisal of the property you select. Either letter can be important to have when submitting an offer to the seller.|
Types of Mortgages
|Fixed: A fixed term (for example, 15 or 30 years) as well as a fixed interest rate. The interest rate and term are fixed at the start of the mortgage. The monthly amount for the payment of principal and interest will not change during the term of the mortgage.Adjustable: Often referred to as an ARM (Adjustable Rate Mortgage). The interest rate on your mortgage will be adjusted up or down according to current interest rate levels. The monthly amount for your principal and interest payment will go up or down with these rate changes. These mortgages may include “Interest Only” type of loans VA, FHA, USDA, CONVENTIONAL and OWNER CARRY. Use different interest rate with our mortgage calculators to see how your payment might change.|
How much down payment?
|One of the first questions that home buyers ask is “how much down payment are we going to need?” Unfortunately, there is no standard answer. Down payments will vary from 0% (with a VA–Veteran’s Administration loan) to upwards of 30% (with certain “non-conforming” loans). As an average, most home buyers make down payments in the 5%-20% range, although your own personal situation may require more or less down payment. When you are factoring money for a down payment, don’t forget about closing costs, which will total in the 2-5% range, payable in cash at the time of closing.|