MORTGAGE CALCULATOR

The amount you need depends on your loan program, financial situation, and lender requirements. While a 20% down payment can help you avoid private mortgage insurance (PMI), many qualified buyers can purchase a home with much less.

Pre-qualification is an estimate of what you may be able to borrow based on information you provide, while pre-approval involves a lender reviewing your finances and verifying your documentation. A pre-approval carries more weight with sellers because it shows you're a more serious and qualified buyer.

Your credit score is one of the biggest factors lenders use to determine your interest rate and loan terms. A higher credit score often qualifies you for lower rates, which can reduce your monthly payment and the total cost of your loan over time.

Closing costs are the fees associated with finalizing your home purchase, including lender fees, title services, attorney fees, insurance, and taxes. While costs vary, many buyers should plan for approximately 2% to 5% of the home's purchase price.

The timeline varies based on your financing, market conditions, and the property you choose, but many transactions close within 30 to 45 days after an offer is accepted. Preparing your finances and getting pre-approved before you start shopping can help the process move more smoothly.

Yes, many self-employed buyers and those with variable income successfully purchase homes each year. Lenders typically require additional documentation, such as tax returns, bank statements, and proof of consistent income, to evaluate your eligibility.

Your monthly mortgage payment typically includes principal, interest, property taxes, and homeowners insurance, often referred to as PITI. Depending on your loan and community, it may also include private mortgage insurance (PMI) and homeowners association (HOA) fees.

A 2-1 buydown temporarily reduces your mortgage interest rate for the first two years of your loan, resulting in lower monthly payments during that period. The rate is typically reduced by 2% in the first year, 1% in the second year, and then returns to the original fixed rate for the remainder of the loan.

In many cases, the seller pays for the 2-1 buydown as a concession to help make the home more affordable for the buyer. Depending on the transaction and lender guidelines, the buyer or another interested party may also contribute to the cost as part of the negotiated agreement.