KNOW HOW MUCH HOUSE CAN YOU AFFORD
In order to determine how much your monthly payments will be and how much home you can afford when you become a homeowner, you must know these two numbers right away - how much your monthly payments will be and how much home you can afford. Our mortgage calculator* can help you get a fairly accurate picture of both.
The critical data is how much cash you want to borrow. Your down payment amount is used to determine how much money you will need. To get a good idea of how much your loan will be, search online listings of available homes in your preferred neighborhood.
30-year mortgages are the most typical, but you may also choose a 15- or 20-year mortgage in order to pay down your home sooner. The reason 30-year loans are so common is that they are usually the most economical in the short term. They distribute out the payments over a longer period of time, resulting in much smaller monthly payments.
Lenders offer rates based on numerous variables, including your credit rating, your income, and your debts. The numbers are different for three-month, one-year, and adjustable-term loans, so be sure you are looking at the correct one. To get an accurate rate, we can connect you with our preferred lender, OVM Financial.
In addition to VA loans, there are many kinds of mortgages that enable you to make affordable down payments. A traditional down payment of 20% is usually required, but there are also lots of conventional loans with lower down payments. And if you can afford to increase your down payment, it will lower your monthly mortgage payment as well as the total interest you pay over the life of the loan.
To learn more or get started with your home search, call (757) 917-5197 or fill out our contact form.