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ERA Real Estate -Bill Mazzella-  Real Estate salesperson with ERA Insite Realty services. We specialize in the following areas: Bronxville, Yonkers, Scarsdale, Tuckahoe, Eastchester, Pelham and Mt Pleasant. Highest Professional Service.

Great time to sell. Great time to buy. 

Mortgages Made Simple

You need to understand mortgages if you want to pursue buying a home. Navigating the choices is not easy. For typical homeowners, the monthly mortgage payment is either their largest or, after income taxes, second largest expense item. If you don't get the best loan you could end up losing a lot of time and money. We added a monthly calculator to ease the way. Here is guidance on how to avoid many land mines on your way to your dream home.

Bullet points

  •  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.

  • You want to understand how lenders evaluate your ability to pay a loan. Find out any pitfalls before applying.

  • Learn the "jargon" of the industry before you deal with lenders

  • What to choose. Fixed Rate or Adjustable. Determine how long you want to keep the loan and what you can afford.

  • Home equity loan or 80-10-10 financing — could be right for you. Balloon loans and no down payment loans can destroy you. .

  • Look at many lenders before deciding. . You want the lowest cost coupled with  the best service. 

  • Check out every lender whether online or in person. Just the facts. .

  • Compare all lenders with the costs associated with each loan.

  • The more credible your data on your application the more likely you will get the best loans at the best rate.

  • 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.

  • Although reverse mortgages are more difficult to understand it might be the best choice if you are retired and older. 

  • 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

To calculate your monthly mortgage payment, simply multiply the relevant number from the table below by the size of your mortgage expressed in (divided by) thousands of dollars. For example, on a 30-year mortgage of $125,000 at 7.5 percent, you multiply 125 by 7.00 (from the table) to come up with an $875 monthly payment.

Interest Rate (%) Term of Mortgage  
  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

There are other costs to owning a home. Mortgage costs may be the largest but not the only one. 

Here is a link to an online calculator which makes it easier. http://www.mortgagecalculator.org/

 
 
 
 

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Remember if you want to make an offer, you must have a pre approval letter from the Lender.
Licensed Real Estate Agent Carlson Real Estate

914-262-3441- Cell

Call me today

914-751-7492-Office Home

Homes@Taiw.org

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120 Kraft Avenue
Bronxville, NY10708

914-337-0900  Office