Buying a home can be a difficult process. There’s a lot to keep track of and each home you look at will have different pros and cons. Each piece of property will also have a different asking price. There are often different variables related to a home purchase, but there’s one big constant. You have to have enough funding available to purchase the property. For most of us that means being able to secure a mortgage.
Cliffco Mortgage Bankers Can Find a Mortgage That Works For You
You also need to be certain that the mortgage for the property you’re interested in buying won’t sink you financially. Mortgages take a very long time to pay off and that means you’re going to be responsible for a significant monthly payment for a long time. At Cliffco Mortgage Bankers, we’re in the business of helping you achieve the dream of home ownership while making certain you have a mortgage that works for you.
We’ll work with you to find out what you need and what you can afford. We want to make things as easy as possible so we want to give you a quick and easy way to figure out what your monthly mortgage payment will be if you make the purchase. We’ve added a handy tool to our website to give you an idea of whether you can afford a purchase. We want to tell you a bit about our Mortgage Calculator and give you tips on how to use it.
Mortgage Calculator Basics
There are several fields that you have to fill out in our mortgage calculator. The first field you need to fill out is “Home Price.” This can be the asking price of the home or a price you negotiated. The next piece of information you need to fill in is the down payment. If you don’t know the exact number of what your payment is going to be, we recommend a 20 percent down payment. This is typically what’s suggested in most deals. That’s because most mortgage companies require buyers to take out mortgage insurance if they don’t come up with a 20 percent payment. But if you know you’re down payment isn’t going to be 20 percent, put the actual figure in.
The next thing you’ll be asked to feed in is the type of loan you’re looking for. On our mortgage calculator there’s a drop-down menu that gives you the option of selecting one of the two most common types of mortgage loans, the 30-year fixed rate mortgage and the 15-year fixed rate mortgage. Generally, 15-year loans charge lower interest rates but you’ll be required to pay higher interest. According to the street.com, if you choose a 15-year loan, you’ll have less cash available but you’ll be able to pay off the loan quicker.
Finally, you can feed in the interest rate charged on the loan you’re looking for. Understand that mortgage rates are very volatile and they change daily. In fact, they can change multiple times a day. If you’re about to lock in a mortgage or you want to use today’s rates, go ahead and enter that rate into the field. We do provide interest rates for both 15-year and 30-year loans that are close to where the actual rates currently are.
Cliffco Mortgage Bankers Will Tell You Your Mortgage Options
Once you’re done entering in the information, press the “Calculate” button and Cliffco Mortgage Bankers will tell you what your monthly payment will likely be. If you want to know more about what your options are or if you want to know about loan programs that can reduce your down payment or that have adjustable rates, contact Cliffco today!