MORTGAGE CALCULATOR
MORTGAGE HELP
Down Payment
A common myth is that you need 20 percent of the home's price as your down payment. The truth is there are many loans that only require as little as 3% to 5% down. And there are some homes and buyers that may even qualify for a 0% Down payment for VA and USDA Loans! Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be, but there are also many assistance programs and grants available for home buyers to help.
Loan Term
Your loan term is the agreed details which affect your monthly payments including interest and spanning from 30-year fixed, 15-year fixed, and although uncommon adjustable rates as well.
Loan Type
There are several types of mortgage loans, but the most commonly used are fixed-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.
Interest Rate
The Interest rate is the long term cost that a mortgage company collects for lending you the money to purchase the home/property. Although Interest rates change with the market, your actual rate will vary based on factors like credit score and down payment.
Property Tax Rate
Property taxes are based on the home's location and value. They are commonly rolled into the loan payment as part of escrow.
Home Insurance
Home insurance or homeowners insurance is typically required by lenders. Similar to car insurance you should shop around and look for the best coverage and price for your situation. This is also commonly rolled into your monthly loan payment as a part of escrow.
HOA Fees
A homeowners association fee (HOA fee) is an amount of money that must be paid periodically (depending on the HOA) by owners of certain types of residential properties. HOA's collect these fees to assist with maintaining and improving properties and amenities in the association.
Jon Holmes
Jon is a Texas Home Loan Expert with years of experience and multiple loan programs to help his clients. His name is synonymous with home loans and amazing customer service.
USA MORTGAGE Jon 801-875-3447
Home Loan Expert - Nydia Torres (BILINGUE)
Nydia is a Bilingual Home Loan Expert. She is professional, knowlegeable and her passion for educating her clients lives up to her nickname The Mortgage Teacher.
Nydia es una experta bilingüe en préstamos hipotecarios. Ella es profesional, conocedora y su pasión por educar a sus clientes hace honor a su apodo de La Maestra Hipotecaria.
ONE REAL MORTGAGE Nydia 210.837.5845
Preferred Professionals
Here is our list of preferred professionals! Because we value our clients we have compiled this list as a resource for you when searching for a qualified professional. Those who are listed here have been rated highly by past clients that we have worked with and have highly-rated services. We welcome additional suggestions for this list as well as future feedback for those currently on this list. *Please note that our organization and those affiliated with our organization are not liable for services provided by those listed here.
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