Missouri mortgage loans is committed to helping you find the right mortgage product for your needs in Concord. 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.
You’ve been thinking about buying your own home for quite a long
time, and now you’re ready to take the plunge. You’ve been
saving money for a down payment, and you know the next step is
preparing to apply for a mortgage.
But where do you start?
Here are the top 5 things you need to know before approaching a
mortgage lender.
1. Understand Your Options All mortgages are not created equal.
There are several different types, which vary based on interest
rates and payment terms.
For example:
• With a fixed-rate mortgage, your monthly payments remain the
same during the entire length of the mortgage. There will be no
variations in monthly payments, regardless of changes in
interest rates and inflation.
• With an adjustable-rate mortgage, you will often receive a
lower initial interest rate, but your monthly payment amount can
rise and fall as interest rates fluctuate (within certain caps
or limits).
• With a balloon or reset mortgage, you once again may be
offered a low interest rate, but it will hold for a limited
time. After that, the balance of the mortgage will be due, or
you will need to refinance.
2. Become a Rate Watcher The state of the economy influences
interest rates, which ebb and flow on a regular basis.
Your daily newspaper tracks these rates, so stay current by
watching whether rates are rising, falling or remaining stable.
It behooves you to become as educated as possible about how
these rates will affect your mortgage—and to see if you want to
postpone applying for one until rates drop.
3. Get Pre-Approved Consider getting pre-approved for a
mortgage, says Frank Nothaft, PhD, vice president and chief
economist for Freddie Mac, the stockholder-owned corporation
established by the United States Congress in 1970 to create a
continuous flow of funds to mortgage lenders in support of
homeownership and rental housing.
”A benefit of being pre-approved for a mortgage loan is that it
gives the prospective homebuyer additional bargaining leverage
when competing with other prospective buyers for a home,” he
says. “A home seller may be more likely to accept an offer from
a pre-approved borrower—because the seller knows the buyer can
get a loan—than from another bidder, who may be exactly the same
in financial qualifications and offer, except that he lacks the
pre-approval.”
4. Consider Making a Higher Down Payment Making a higher down
payment on a home will reduce your mortgage, but there are
definite pros and cons, according to Dr. Nothaft.
”The pro of putting down more money is that you can often obtain
lower-cost financing,” he says. “High down-payment loans—that
is, low loan-to-value ratio—represent less default risk to a
lender, and are safer. That may translate into a lower interest
rate or obviate the need for mortgage loan insurance.
“The con,” he continues, “is that it may result in the borrower
having to delay a home purchase, because the borrower does not
have enough liquid assets to make a larger down payment. Low
down-payment loans are especially important for first-time home
buyers, who typically do not have the financial wherewithal to
make a large down payment.”
5. Select Your Lender Carefully As in any industry, there are
“bad apples” who ruin the reputations of respectable
professionals. In the mortgage business, these folks are known
as “predatory lenders”—individuals who take advantage of
vulnerable consumers. Those most prone to becoming victims
include the ill-informed, the elderly, women, minorities,
low-income buyers and consumers with bad credit.
To avoid becoming “prey,” select a lender with solid
credentials. You can secure a referral from your bank or credit
union, real estate agent, government housing agency, or friends
and relatives who have successfully purchased homes.
Never trust a mortgage offer that arrives via email, as it
likely originated from a spammer.
---- Mortgage Relief specializes in assisting Australian
families with mortgages by making their monthly repayments more
manageable and decreasing their overall debt and total interest
paid over the life of their mortgage. Mortgage Relief is a
mortgage refinance provider that it part of Australia’s largest
Debt Relief™ organization. Visit Mortgage Relief on the web at
http://www.mortgagerelief.com.au or contact them directly on
1300 789 014.
About the author:
Rob Sallay