My sister wants to buy a property here in Sacramento. Now that the market is favoring the buyer.. it’s really a perfect time to buy! She did sign all the documents to know how much she can borrow or get approved for a loan before shopping the property. And I’m so glad to find online a monthly mortgage payment calculator. I was able to find out how much the estimated amount she can borrow. So without the feedback from the loan broker I can start looking for the property before my sister arrives here in our area.
AllTalkMortgage.com is a pretty website to start and get more information about mortgage. They are mortgage consulting company that provides objective and unbiased service. They aim to help current and future homeowners to eliminate costly mistakes in mortgage when buying home. Their website also provides various tools like Mortgage APR Calculator, Mortgage Loan Calculator (PITI), Reverse Mortgage Calculator and more. You can also read information about the benefits of ARM vs. Fixed Rate Mortgage and Rent vs. Buy.
You can also find out the definition of terms used in mortgage. Below are some of the examples:
Your annual income before taxes. For married couples this is your total combined annual income before taxes.
The price of the home you wish to purchase. This is the actual price you’ll pay, not including any closing costs.
Total monthly payment
Total monthly payment that you can qualify for. This is the total of principal, interest, taxes and insurance paid each month. Often called PITI.
Cash on hand
Cash you have for the down payment and all closing costs.
The current annual interest rate you can receive on your mortgage.
Term in years
The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
Property tax rate
Your property tax rate. 1% for a $100,000 home equals $1,000 per year in property taxes.
Home insurance rate
Your homeowner’s insurance rate. 0.5% for a $100,000 home equals $500 per year for homeowner’s insurance.
Monthly car payment(s)
Total monthly payment for your car loan(s).
Credit card payments
Total monthly minimum payments for your credit cards.
Other loan payments
Any other installment loan payments, such as student loans or unsecured loans.
So make sure that you check their website when you need help with what mortgage you should take.