Mortgages Made Simple
Bullet points
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Your personal financial situation is key to getting a mortgage. In evaluating your approval the mortgage banker looks to the ration between debt to income. Even if the banker approves that is not neeessarily the amount you can afford. You have to evaluate your entire financial picture.
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You want to understand how lenders evaluate your ability to pay a loan. Find out any pitfalls before applying.
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Learn the "jargon" of the industry before you deal with lenders
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What to choose. Fixed Rate or Adjustable. Determine how long you want to keep the loan and what you can afford.
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Home equity loan or 80-10-10 financing — could be right for you. Balloon loans and no down payment loans can destroy you. .
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Look at many lenders before deciding. . You want the lowest cost coupled with the best service.
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Check out every lender whether online or in person. Just the facts. .
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Compare all lenders with the costs associated with each loan.
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The more credible your data on your application the more likely you will get the best loans at the best rate.
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Even when you buy a home with the best possible mortgage, keep abreast of lowering rates with an eye to refinance. You need to calculate whether the cost of the new lower interest rates makes sense with the cost of the new mortgage.
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Although reverse mortgages are more difficult to understand it might be the best choice if you are retired and older.
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The government has many programs that cancel people who run into difficulty paying mortgages. There are alternatives to foreclosure which will enable you to retain your home.
MORTGAGE PAYMENT CALCULATOR
Interest Rate (%) | Term of Mortgage | |
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15 years | 30 years | |
4 | 7.40 | 4.77 |
4-1/8 | 7.46 | 4.85 |
4-1/4 | 7.52 | 4.92 |
4-3/8 | 7.59 | 4.99 |
4-1/2 | 7.65 | 5.07 |
4-5/8 | 7.71 | 5.14 |
4-3/4 | 7.78 | 5.22 |
4-7/8 | 7.84 | 5.29 |
5 | 7.91 | 5.37 |
5-1/8 | 7.98 | 5.45 |
5-1/4 | 8.04 | 5.53 |
5-3/8 | 8.11 | 5.60 |
5-1/2 | 8.18 | 5.68 |
5-5/8 | 8.24 | 5.76 |
5-3/4 | 8.31 | 5.84 |
5-7/8 | 8.38 | 5.92 |
6 | 8.44 | 6.00 |
6-1/8 | 8.51 | 6.08 |
6-1/4 | 8.58 | 6.16 |
6-3/8 | 8.65 | 6.24 |
6-1/2 | 8.72 | 6.33 |
6-5/8 | 8.78 | 6.41 |
6-3/4 | 8.85 | 6.49 |
6 -/8 | 8.92 | 6.57 |
7 | 8.99 | 6.66 |
7-1/8 | 9.06 | 6.74 |
7-1/4 | 9.13 | 6.83 |
7-3/8 | 9.20 | 6.91 |
7-1/2 | 9.28 | 7.00 |
7-5/8 | 9.35 | 7.08 |
7-3/4 | 9.42 | 7.17 |
7-7/8 | 9.49 | 7.26 |
8 | 9.56 | 7.34 |
8-1/8 | 9.63 | 7.43 |
8-1/4 | 9.71 | 7.52 |
8-3/8 | 9.78 | 7.61 |
8-1/2 | 9.85 | 7.69 |
8-5/8 | 9.93 | 7.78 |
8-3/4 | 10.00 | 7.87 |
8-7/8 | 10.07 | 7.96 |
9 | 10.15 | 8.05 |
9-1/8 | 10.22 | 8.14 |
9-1/4 | 10.30 | 8.23 |
9-3/8 | 10.37 | 8.32 |
9-1/2 | 10.45 | 8.41 |
9-5/8 | 10.52 | 8.50 |
9-3/4 | 10.60 | 8.60 |
9-7/8 | 10.67 | 8.69 |
10 | 10.75 | 8.78 |
10-1/8 | 10.83 | 8.87 |
10-1/4 | 10.90 | 8.97 |
10-3/8 | 10.98 | 9.06 |
10-1/2 | 11.06 | 9.15 |
10-5/8 | 11.14 | 9.25 |
10-3/4 | 11.21 | 9.34 |
10-7/8 | 11.29 | 9.43 |
11 | 11.37 | 9.53 |
11-1/4 | 11.53 | 9.72 |
11-1/2 | 11.69 | 9.91 |
11-3/4 | 11.85 | 10.10 |
12 | 12.01 | 10.29 |
12-1/4 | 12.17 | 10.48 |
12-1/2 | 12.17 | 10.48 |
Remember if you want to make an offer, you must have a pre approval letter from the Lender.
Licensed Real Estate Sales Person
Coldwell Banker Realty
914-262-3441- Cell
Call me today
Homes@Taiw.org