Are you curious to know what a mortgage will cost per month?
Mortgage Calculators can make it easy to estimate the monthly costs of a mortgage, but you have to know the market well enough to know what to enter into the calculator. Plus, there are so many different mortgage products, with so many options, you have to be a mortgage broker to know every possible option.
ABC, in a recently published article, lays out a few options for purchasing a $200.000 home.
Mortgages aren’t one-size-fits-all products. Loan types and lenders all have different requirements, benefits and drawbacks.
Some require sterling credit and sizable down payments. Others have looser standards but limit where you can purchase, or come with higher fees. Heck, one loan program is open to only about 1 percent of the population – the veterans and military members who proudly serve our country.
The type of mortgage can affect everything from your purchasing power to your monthly payment. The key is finding the mortgage program that makes the most sense given your particular financial situation, your homebuying goals and how you fit into the qualifying scheme.
To be sure, context and caveats are important when thinking about home financing. But sometimes just taking a cold, hard look at the numbers can also help provide clarity.
Read the article: What a $200,000 Mortgage Will Cost You.
Mortgage calculators and estimates are great, until you near the time of purchasing a home and you need firm numbers. That’s when a mortgage broker can help.
A mortgage broker can give you the exact monthly payment on a mortgage, based on a number of different factors. And most importantly, a mortgage broker can pre-qualify you for a home loan, and even help you with pre-approval for a home mortgage.
When you are ready for hard numbers concerning the monthly cost of a mortgage, please let us help you. We can show you your options for different types of mortgages. And when you are ready, we can help you pre-qualify and be pre-approved for a home mortgage.