Mortgage Information

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing.

There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

I would be happy to refer you to some very good mortgage contacts I have in Plymouth, or to help you in any other way I can to secure the best possible rate for your home purchase.

 

For more information about our team or obtaining a mortgage contact us at:

1-800-216-8718 ext.9005

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.

 


Buying a home may be the largest investment your family will ever make. It's a big responsibility, and you must make wise choices.

What is a mortgage?
A mortgage is a special loan for purchasing a piece of property.
The lender supplies cash to buy the house. The mortgagor signs a legal document which obligates and binds him to repay the mortgagee regular payments, including interest, for a specified number of years. The house and lot are pledged as security and the mortgagor promises to pay the taxes, keep the house insured and maintain the property. If the borrower fails to make payments, the lender has the legal right to take over the property.

Shopping For A Mortgage
Shopping for the right loan can help you get the house you want and save you money.
Mortgage loans are generally obtained from banks, savings-and-loan associations, and mortgage companies. There are many types of loans, terms and options available. Shop around and compare to find the best mortgage loan for you and your financial condition.



Finding the best loan for you depends on many factors:
 How long will you be in the house.
What your budget will allow.
How long you want to pay.
If your a risk taker.
How much you're willing or able to pay, in cash, for all the fees, assessments, processing charges and up-front interest costs at closing.

When making your decision on a mortgage loan, you would be wise to consult a real estate professional, financial advisor and attorney.

What you need to know about closing costs
Closing costs are the expenses which buyers and sellers normally incur to complete a real estate transaction.
These costs are in addition to the price of the property and are paid in cash on the closing day. At the time you're considering how to finance a home, it's wise to get an estimate of the closing costs you can expect.

These are the types of items generally included:

Buyer's Expense Seller's Expense
Documentary stamps on notes. Cost of abstract.
Recording deed in mortgage. Documentary stamps on deed.
Escrow fees. Real estate commission.
Attorney's fees. Recording mortgage.
Title insurance. Survey charge
Appraisal & Inspection. Escrow fees.
Survey charge. Attorney's fees.

The expenses may vary, depending on your particular situation. Also, the buyer and seller can make an agreement in advance stating who will be responsible for the various costs.