Buying a new home should be a pleasant experience.
We can help make it that way by taking the worry out of applying for a mortgage. That’s why we would like you to take our Home Buying Ability Test. It will help you find out how much home is right for you, so you can feel more comfortable when you apply for your mortgage loan with us.
Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.
- Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. A conventional mortgage loan generally requires higher downpayment than a Rural Development Loan or an FHA Loan.
- Rural Development Loans can usually can finance 100% of the purchase price of a new home.
- FHA Loans offer lower interest rates, require a relatively small down payment, and are insured through the Federal Housing Administration.
Once you know approximately how much home is in your price range, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are also not included on the chart, but may be added to your monthly payments.
Monthly Mortgage Payment Guide
|Mortgage Amount||4% APR||5% APR||6% APR||7% APR||8% APR|
|$ 60,000||$ 286||$ 322||$ 360||$ 399||$ 440|
|$ 80,000||$ 382||$ 429||$ 480||$ 532||$ 587|
|$ 100,000||$ 477||$ 537||$ 600||$ 665||$ 734|
|$ 120,000||$ 573||$ 644||$ 719||$ 798||$ 881|
|$ 140,000||$ 668||$ 751||$ 839||$ 931||$ 1,028|
|$ 160,000||$ 764||$ 859||$ 959||$ 1,064||$ 1,174|
|$ 180,000||$ 859||$ 966||$ 1,079||$ 1,198||$ 1,321|
|$ 200,000||$ 955||$ 1,074||$ 1,199||$ 1,331||$ 1,468|
The above rates are for illustrative purposes only. They are based on the Annual Percentage Rate (APR) indicated for principal and simple interest with a term of 30 years. We offer a variety of mortgage plans.
Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage. And whether you apply with us for a new mortgage to buy the home you want, or to refinance your present mortgage, ask about a Homeowner’s Credit Line. It can help you save on fees when you apply, interest when you want to borrow money, and on taxes at the end of the year. For more details, speak to one of our mortgage loan experts at (662) 286-5557.