Financing
Use the Mortgage Calculators to determine your mortgage payment and see how much home you can afford. We provide the following mortgage calculators for you to use as a general guideline to help you determine an approximate mortgage payment amount and to see approximately how much of a home loan you may be able to afford.
Remember that these tools are provided as a guideline only and do not guarantee any specific rates or qualifications.
Note that property tax and insurance rates are approximate.
Disclaimer: Please remember that these calculations should only be used as a guide. Contact us for exact figures and loan conditions.
Mortgage Tips
Know what you can afford
Review your monthly spending plan to estimate what you can afford to pay for a home, including the mortgage, property taxes, insurance, and monthly maintenance and utilities. Make sure you save for emergencies. Plan ahead to be sure you will be able to afford your monthly payments for several years. Check your credit report to make sure that the information in it is accurate. A higher credit score may help you get a lower interest rate on your mortgage.
Understand loan prices and fees.
Many consumers accept the first loan offered and don't realize that they may be able to get a better loan. On any given day, lenders and brokers may offer different interest rates and fees to different consumers for the same loan, even when those consumers have the same loan qualifications. Keep in mind that lenders and brokers also consider the profit they receive if you agree to the terms of a loan with higher fees, higher points, or a higher interest rate. Shopping around is your best way to avoid more expensive loans.
Understand mortgage features.
Mortgages have many features--some have fixed interest rates and some have adjustable rates; some have payment adjustments; on some you pay only the interest on the loan for a while and then you pay down the principal (the loan amount); some charge you a penalty for paying the loan off early; and some have a large payment due at the end of the loan (a balloon payment). Consider all mortgage features, the APR (annual percentage rate), and the settlement costs.
Get advice from trusted sources.
A mortgage loan is one of the most complex, most expensive financial commitments you will ever assume--it's okay to ask for help. Talk with a trusted housing counselor or a real estate attorney that you hire to review your documents before you sign them. You can find a list of counseling resources at NeighborWorks Leaving the Board and on the U.S. Department of Housing and Urban Development's (HUD) website or by calling (800) 569-4287.
