Can simple online mortgage calculators tell you mortgage payment affordability? The mortgage payment calculator is one of the first things consumers search for when thinking about purchasing a home. Mortgage calculations done by simple online mortgage calculators offer estimates based on the information entered into the fields, not affordability.
The most important answer to your affordability quest is to determine if the payment will cause you to become overextended. Simple mortgage calculators are fine for estimates, but dangerous for determining your biggest debt obligation.
Americans have wasted 1000's of dollars on the wrong kind of mortgage debt: Debt not suitable, or appropriate, to their personal needs and goals. There are trained mortgage professionals that utilize custom mortgage technology to provide their clients a comprehensive personal mortgage plan.
An experienced mortgage professional uses cutting edge technology that clarifies the consumers options and helps them discover: How much house they really can afford; calculate prepayments to pay down and off the mortgage; create loan program comparison charts comparing loan programs - fixed and adjustable; view amortization schedules based on loan amount, interests and term; show tax benefits, and take advantage of refinance options when they occur. They gain the power to make solid decisions about their financial future by aligning their mortgage with their financial goals.
Sure you can use a simple online mortgage calculator and wade through 70,000,000 Google result pages for "mortgage" yourself. Or you can choose an experienced professional that can explain affordability, terms, and programs that pertain to your personal situation.
Experienced professionals and high technology can help you plan wisely to build financial security. Full service mortgage professionals can help you compare the total cost of the loan over time. They offer service year round. They appreciate their clients and look forward to helping them build better futures. After closing their clients are not forgotten.
Peter Boyle 612 701 6816 or pboyle@summit-mortgage.com
No ordinary free mortgage analysis.
I love what I do. Put 18 years experience to work for you.
http://www.peterboylehomeloans.com
One of the best kept secrets! Safe and affordable mortgage program for single moms and many others.
In this concerned and cautious lending market, the USDA Home Loan Program offers more credit latitude than tradional lenders do. It is also the lowest fixed monthly mortgage payment in the housing lending market today.
For those that have a desire to live right outside city limits you should check this program out. You can get 100% financing and no down payment within eligibile property areas. You will be surprised how many semi-rural properties fall within the programs eligibilty.
A large percentage of our country ‘s greatest obstacle to home ownership is the lack in funds for down payment. USDA Section 502 provides a solution not many know about. It overcomes down payment issues for an individual or family by loaning up to 100% of the appraised value of the property. This eliminates the down payment requirement.
The USDA Guaranteed Home Loan program helps low-to-moderate income individuals and families purchase homes. The approval process is fairly easy and fast, and the funds for the program are basically unlimited. Best of all, this loan requires no monthly mortgage insurance, only a 2% up front fee and that can be financed in the loan.
The program offers a 30 year fixed rate mortgage and no prepayment penalty. Under the Guaranteed Loan program, it guarantees loans made by private sector lenders. If the borrower defaults the USDA guarantee pays the lender. Borrowers work with the lender and make their monthly mortgage payments to the lender, not the USDA. Borrowers must have a two-year primary employment history and the dependable income must not exceed the moderate-income limit guidelines for the eligible property area.
This program offers more flexible guidelines than traditional mortgages. No minimum credit scores or previous housing history is required. Non-traditional credit is acceptable if no credit is available.
The loans can be used on new construction, existing homes, and homes in need of improvements. The rates are very low and repairs to a home may be financed 100%. The repair work on the home must be done by a licensed contractor.
There is also help for funds to close. All closing costs and prepaids can be financed by the seller, and 100% gifting is available to borrowers. There are no minimum cash contributions from the borrower.
If you have not owned a home in the past three years you can use the USDA home loan and the HR3221 bill to get into a home with no out of pocket money and take up to $7500 off your tax liability. The tax credit must be paid back over a 15yr period at $500 a month interest free starting the following year. Speak to your local lender about the Housing Rescue Plan and HR3221.
What does this mean to renters? Based on todays USDA housing loan rates and average rental costs, people can buy a $175,000 home for basically the same costs they pay in rent. For a personal rent versus own analysis contact a local mortgage consultant.
If you have a property you have selected you can verify the USDA program eligibility using the following link or just click to gain further knowledge: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Call your local lender for local needs and information.
Peter Boyle
Senior Loan Officer
Serving the community for 17 years.
http://www.peterboylehomeloans.com
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| First-time Homebuyer means anyone who has not owned a home in the past 3 years. Minnesota Housing and Finance Agency (MHFA) can help. | |
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I know how hard people work to afford to buy a home or invest in property. I have served more than 2,445 families in Minnesota. Put my 18 years experience to work for you.
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