Don't Go Shopping for a New Home Before You Know Exactly How Much You Can Spend!
You might have an idea of the loan payment and mortgage you can afford. But will the bank feel otherwise? It's always best to prequalify for a mortgage so you know exactly how much a financial institution would be willing to lend you.
In the prequalification process, you will find out:
- Exactly how much home or land you can afford.
- How much cash you will need for the down payment.
- The minimum down payment, and advantages of higher down payments.
- What the bank feels you can afford for a monthly payment.
There are many lending institutions that offer a variety of mortgage
products. Financing options and rates can vary widely, so it is
important to do your research and shop around to ensure you get the
mortgage that best meets your needs at the best price.
I would be happy to refer you to some very good mortgage contacts I have in Manchester, or to help you in any other way I can to secure the best possible rate for your home purchase. Use the mortgage calculators below to assist you in making some decisions around financing your new home.
This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.