Mortgage & Finance Resources

For this section, I wanted to offer my internet clients access to a mortgage information center. One great tool you'll find here is the calculator to help you estimate things like maximum loan amounts, mortgage qualifications, affordability analysis, or even an analysis of whether you should rent or own! You may also search for prevailing interest rates in your area, obtain a list of the top lenders in Massachusetts, and even pre-qualify online! The sidebar offers a number of frequently asked mortgage questions too, so take a look if you'd like.

Note: *The tools contained in the mortgage center will cause you to leave this website. You can open some of the links in a new window by right-clicking the link and choosing the "Open in New Window" command. But the buttons will redirect you. You may wish to add mywebsite to your favorites before proceeding to utilize the mortgage center tools!*

When you are really ready to begin looking at homes, I would suggest you take the time to speak with a mortgage broker or lender whom you are comfortable with, and get a written Pre-Approval Letter (*which is not the same as getting pre-qualified*). Having a Pre-Approval in hand will allow you to make an Offer quickly once you've found the right home and it gives your Offer credibility. Oftentimes, sellers will require a Pre-Approval letter to consider Offer Contracts. Once you have an idea of how much house you can truly afford, start your home search.

By the way, if you are serious about purchasing a home in the near future, now may be the best time to check out your credit report to verify that everything in it is accurate and nothing is negatively impacting your credit score. Here's a respected site to learn about Credit Reports andScores . You are entitled to a free credit report from each of the three bureaus every year, so feel free to access your personal Credit Report at no cost and carefully review it to ensure there isn't any innacurate information showing up.

As always, don't hesitate to call me if you find you have further questions!

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Financing QA

Q. How do I know how much I can afford to purchase?

A. There's a difference between how much lenders can approve you for and what you can afford financially. The monthly payments you can afford may be more or sometimes less than what you are able to be financed for. So first, I would take some time to organize your expenses and determine your total income, and compare the two to discover what is the maximum you can spend on housing. You can then use this calculator on the left to get an idea of your current borrowing capacity and what your monthly payment will allow you to purchase. Where lenders are concerned, buyers are capable of purchasing a home with a value of two or three times their annual household income. The amount you can borrow is dependant on many factors including employment history, credit history & score, current financial picture (savings and debt), and down payment. There are also special loan programs available to first time home buyers and veterans, which may apply to you depending on your particular situation.

Q. What are the differences between the types of mortgages and how do I choose the right type for me?

A. You should contact a mortgage broker or financial institution to get advice about how each type works and which will be best for your current situation. They will work with you to create a picture of your circumstances and give you sound advice about the various programs. Which mortgage program you choose depends on many factors - one of the biggest determining factors it how long you think you will own your home.

Q. What does the typical mortgage payment cover?

A. Mortgage payments usually include three portions:
Principal: Which is a repayment of the amount borrowed
Interest: Payment given to the lender for lending you money
Taxes & Insurance: Sometimes optional payment into an escrow account for property taxes and/or hazard insurance. If optional on the mortgage you will be remitting payment to the Tax Assessor and property insurance company.

Q. How much money is necessary to purchase a home?

A. This can vary depending on the situation. Frequently we find you will need have the following:
Earnest Money: A deposit given with the offer to purchase
Down Payment: A percentage of the purchase price

Closing Costs: Costs associated with processing paperwork to purchase

How Much Can You Afford?

Our calculators will help you determine loan amounts, mortgage qualification, affordability or whether you should be renting or buying.
Complete the fields below and click Calculate Now. To view the results of each calculation, click on the various tabs. To email yourself a copy of the results, click the Receive this Detailed Analysis link.

Required

Required Must be a number between 1 and 50
Term In Years:
Required Must be a number between 1 and 100
Interest Rate:	%
Required
Cost of Home:	$
Required Cannot be more than Cost of Home
Down Payment:	$
Required
Annual Insurance:	$
Estimate Insurance to 0.43%of Cost
Required
Annual Property Tax:	$
Estimate Tax to 1.2%of Cost
Monthly Income:	$	Required
Monthly Debt:	$	Required

Optional

Gross Debt Service Ratio (GDS):
Total Debt Service Ratio (TDS):
Condos Fees:	$

Results

Receive this Detailed Analysis

Mortgage

Qualification

Affordability

Rent vs Buy

Your Monthly Payments

Loan Amount:
Loan Insurance ( %):
Total Loan(Mortgage) Amount:

Principal & Interest:
Homeowners Insurance:
Property Taxes:
Condo Fees:
Monthly Loan Insurance (%):
Total Monthly Payment:

Contacts



Pamela Gaillard-Deas
Email Pamela

Cell:	1-843-697-4647
Fax:	1-866-401-8158
Address:	8730 North Park Blvd, Suite C
City:	North Charleston
State:	South Carolina
Country:	United States

Mortgage & Finance Resources

Financing QA

How Much Can You Afford?

Contacts