This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate.
Remember, Once you are Pre-Approved for your mortgage, the rate will be held for a certain period, up to 120 days, it's important to limit any future credit checks before you buy your house, as each time you apply for any type of credit it's likely that you just reduced your credit score by 6 points and could affect your ability to qualify for your home purchase, or you might end up paying a higher rate!
We have excellent contacts in the Mortgage Business who can search multiple lenders at the same time and secure the very best rates for you. This means that you only have One credit check to access the rates from all companies at the same time!
Use the link below and a Mortgage Specialist will be in touch to help You Establish Your Budget, saving You time by letting you know what Price Range you should be looking in.
When you buy a home, chances are that you'll require a mortgage as part of your financing. It helps to be prepared by having all the information and documents ready when you meet with your bank or mortgage broker.
Your "Dream Home" can quickly become a nightmare when you end up "House Poor", with your mortgage eating up all your money and little left over for enjoyment.
When buying a home, you need to be practical and realistic. Over-extending yourself financially is the quickest way to destroy the excitement of owning your own home.
Setting a maximum price range is more important than simply establishing an upper price limit because unanticipated costs could pushyou into the "House Poor" danger zone. To determine your "affordability" price range, you must calculate 2 amounts.
Put down as much of your own money as possible. Over the long-term it will really pay off.
You should keep a money reserve for unexpected bills, such as Land Transfer Tax, legal fees, mortgage arrangements, moving expenses, new furnishings and appliances.
The first step towards establishing a maximum mortgage limit is to calculate a monthly payment you can afford. Financial institutions do this by calculating your Debt-Service-Ratio.
To calculate your debt-service-ratio, list all your loans (car, personal loans, monthly credit card payments).
The sum of these Loan Payments + Your Mortgage Payment (including principal, interest and taxes) should not exceed 42% of your gross income.
Discuss your mortgage options with a Realtor or your banker/financial advisor...