Missouri mortgage loans is committed to helping you find the right mortgage product for your needs in Carthage. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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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. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Once you've decided to buy a property, the first step is not to
go house hunting. Instead, you should find out what you can
borrow. In doing so, it is important to understand the
difference between loan qualification and approval.
Pre-Qualified
Getting pre-qualified for a home loan carries little if any
weight when it comes to actually getting the loan issued. Let's
take a look at why.
Its time to buy your first home and you've done the research.
The first step is to find out how much you can borrow. Down to
the bank you go for a sit down with a friendly home loan
officer. This person asks you questions about finances,
salaries, credit and so forth. You might even be asked to fill
out a short questionnaire. After a surprisingly short time, the
bank officer suggests a loan amount of around $300,000 is
probable. Being really helpful, the bank officer even prints out
a form letter with your name and the pre-qualification amount of
$300,000. Wow, that was easy...perhaps to easy?
The problem with pre-qualifications is they are based on best
guesses. The bank officer looks at no hard facts. When it comes
time to actually apply for the loan, you can be assured the
lending institution isn't going to be willing to guess. In fact,
you might be told you don't qualify for a $300,000 home loan
when push comes to shove. You might only qualify for $250,000.
In nightmare situations, you might not qualify at all because of
credit problems. In short, home loan pre-qualification is a
waste of time for the most part.
Pre-Approval
Getting pre-APPROVED for a home loan is definitely your best
option. Getting pre-approved for a home loan is an excellent
strategy because you actually go through the process. Issues
such as income, credit scores, personal wealth and so on are
resolved. At the end of the process, the bank agrees to issue a
loan up to a certain amount contingent on an appraisal of the
home you eventually decide to buy. The lender will produce a
letter indicating as much, and it is a very valuable letter.
A pre-approval letter is instant gold in the real estate market.
If you were selling a home, would you prefer a buyer with a
pre-approval letter or one without? The answer is obvious and
leads to another advantage. In the current market, it is likely
you will be bidding against other parties for property. A seller
is much more likely to select your bid because they know the
loan process will go smoothly. This can make all the difference
when it comes to closing a deal.
Determining how much money you can borrow is the first step in
the purchase process. Just make sure you get a pre-approval
letter, not pre-qualification guesses.
About the author:
Dan Lewis is with http://www.gwhomeloans.com - A San Diego
mortgage company providing home equity loan, refinance and
mortgages to San Diego home owners. Visit
http://gwhomeloans.com/services.html to learn more about options
for San Diego mortgages.