Mortgage
- Mortgage Loan
Use this calculator to determine your monthly payment and amortization schedule.
- Mortgage Points
Should you buy points? Use this calculator to find out.
- 15 vs. 30 Year Mortgage
Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.
- Adjustable Rate Mortgages
This calculator helps you to determine what your adjustable mortgage payments will be.
- Mortgage APR
Use this calculator to find the APR on your mortgage.
- Mortgage Tax Savings
Interest and points paid for a home mortgage are tax deductible. Use this calculator to determine how much your mortgage could save you in income taxes.
- Balloon Mortgages
A balloon mortgage can be an excellent option for many home buyers, use this calculator to see if a balloon mortgage might fit your needs.
- ARM vs. Fixed Rate
This calculator helps you to determine what your adjustable mortgage payments will be.
Budget
- Mortgage Qualifier
Can you buy your dream home? Find out just how much you can afford!
- Required Income
Use this calculator to determine how much income you need to qualify for a mortgage and how different interest rates affect your required income.
- Maximum Mortgage
Use this calculator to determine your maximum mortgage and how different interest rates affect how much you can borrow.
- Mortgage Payoff
Save thousands of dollars in interest by increasing your monthly mortgage payment.
- Bi-weekly Payments
Using bi-weekly payments can accelerate your mortgage payoff and save you thousands in interest. Use this calculator to compare a typical monthly payment schedule to an accelerated bi-weekly payment.
- Rent vs. Buy
Are you better off buying your home, or should you continue to rent?
Refinance
Fixed-Rate Loans
The fixed-rate mortgage is the most popular mortgage program in use today. Fixed-rate loans offer the borrow a fixed interest rate for the life of the loan, typically 15 to 30 years. Borrowers have peace of mind knowing that their monthly payment will not change over time. Conventional fixed-rate mortgages have underwriting requirements established by Freddie Mac and Fannie Mae, and require certain down-payment and debt-to-equity ratios to qualify. Fixed-rate loans are especially attractive to buyers who plan to stay in their home for more than a few years.
Adjustable Rate Loans
With an Adjustable Rate Mortgage (ARM), the interest rate changes periodically, and payments up or down accordingly. Rates are tied to an index that reflects the cost of money at any given point in time. Generally speaking, lenders charge a lower initial interest rate for the ARM than for the fixed rate mortgage. If you are expecting interest rates to decrease in the future, or if you are trying to maximize your purchase power today knowing your income will rise in the future, then this loan may be right for you. Adjustable rate loans are attractive for buyers who expect to be in the home for a short period of time.
FHA and VA Loans
The Federal Housing Administration (FHA), offers loans for low-to-moderate-income home buyers. FHA loans have lower down payments, and have relatively easier requirements than conventional fixed-rate mortgages. FHA mortgages have no income restrictions and even those with lower credit scores may be considered. Past bankruptcy does not necessarily disqualify borrowers from using this program!
In addition, the Department of Veterans Affairs (VA) offers a zero-down mortgage program. To take advantage of this program, borrowers need to be among those listed as veterans and service personnel in the U.S. military. One of the biggest benefits of this program is that it eliminates the need for private mortgage insurance!
Local Homebuying Program
There are often many state and local programs available. These programs offer down-payment assistance and programs for local home ownership. Learn more about these local programs, recommended lenders, and other finance options by contacting us today!