For the majority of homeowners, the purchase of their own represents their biggest investment and their largest loan. Selecting, qualifying, and obtaining the right type of mortgage is one of the most important parts of purchasing your home.
The purpose of this guide is to educate you on mortgage terminology, provide calculators so you can get a rough estimate on how much mortgage you can safely afford, and to allow to to pre-qualify for a mortgage so you can start shopping for a home.
- Understanding Credit
We all know that good credit is necessary to qualify but do you know your score and how can you improve your credit?
- Interest Rates and Terminology
Rates will vary depending on the day, your credit, and the type of loan you want.
- Tax Considerations
Purchasing a home and financing it can have a positive effect on your tax liability.
- What You Can Afford
Don’t let your eyes get too big for your wallet. Knowing your price ceiling before you start looking can save you from disappointment and financial trouble.
- Pre-qualifying & Pre-approval
Once you determine what you can afford, you need to see how much the banks are willing to lend to you.
- Locking in a Mortgage Rate
If the rate looks favorable but you haven’t found the perfect house yet, you can ask to have your rate locked. What does that mean?
- Appraisals & Market Value
So you know what you can afford and how much the bank is willing to loan out. Once you pick out a potential home, it is time to determine its value.
- Private Mortgage Insurance (PMI)
If you are first time home buyer without a significant down payment, chances are you will need to buy PMI.
- Bankruptcy and Foreclosure
Nobody wants to be in foreclosure or bankruptcy but it is important to knwo the facts and consequences.
We’ve compiled a number of different calculators to help you determine which type of mortgage meets your financial needs.
- Mortgage payment calculator
Want to know how much your monthly payment is for your mortgage?
- Additional payment calculator
How much do you save by paying more or making additional payments than your initial mortgage terms?
- How much do I have to earn?
Not sure how much money you’ll have to earn to afford your house payment and accompanying expenses?
- How much can I borrow?
Want to know how big of a mortgage you can take on?
- Should I pay discount points?
Not sure if you should pay discount points on your mortgage loan?
- How much will I save by refinancing my loan?
How long will it take to recoup the costs of refinancing my home mortgage?
- Tax Deduction Calculator: How much will my tax deduction be?
Want to know how much your home mortgage will save you in taxes?
- Bi-Weekly Mortgage Calculator
Want to know how much time and money you’ll save paying off your loan on a bi-weekly payment plan?
- APR calculator
To find out the annual percentage rate of your loan, enter the loan amount, interest rate, points, other costs and year-length term.
- Interest Only Calculator
To find out the monthly savings you could gain from an interest-only payment plan.