When applying for a mortgage, shopping for the best rate is not only encouraged, but is necessary to ensure you're not being overcharged. Whether you're applying to refinance or purchase, go into the mortgage process with peace-of-mind and an idea of what rate you qualify for. Please note that pricing a loan is complex and varies day to day due to interest rate movement. Please enter your info into the designated boxes below to receive an estimate regarding your interest rate and closing cost. For definitions and further information concerning the information being pursued, please reference the box below.
When you check your credit (firstly be aware that checking your credit score has no impact on your score) you will usually be given three unique numbers. ALWAYS use the middle score. If you're given two numbers, always use the lower score.
The Loan-To-Value ratio is calculated by dividing the loan amount you are pursuing, divided into the total price of the property in question. For example: you purchase a $400,000 home and are requesting a loan for $380,000. Your LTV would by 0.95 (380,000 ÷ 400,000). In this case, the buyer is willing to put down $20,000 in the form of a down payment, so that amount is subtracted from the loan amount.
To calculate your Debt-To-Income ratio, simply divide your monthly debt figure into your monthly income. Click the link below to be taken to a reputable DTI calculator. Please base upon gross income from w2, or take adjusted gross income from tax return as your income if self-employed
If you have a subject property in mind, this box is where you enter the price of the home.