Getting an idea as to the price of the home you can afford is an important first step in the home buying process. By understanding the price range you can afford, you can look for real estate in the appropriate areas and really find the ideal home for you. By working with me, together we can determine what the right home for you would be. Below you will find some helpful information to help you get a better real estate price point.
|
MORTGAGE PAYMENT TABLE | ||
|
Equal Monthly Payment to | ||
|
Amortize a Loan (per $1,000 value) | ||
|
Rate |
Total Interest/$1,000 | |
|
Percentage |
15-Year |
30-Year |
|
5.00% |
$7.91 |
$5.37 |
|
5.50% |
$8.17 |
$5.68 |
|
6.00% |
$8.44 |
$6.00 |
|
6.50% |
$8.72 |
$6.33 |
|
7.00% |
$8.99 |
$6.65 |
|
7.50% |
$9.27 |
$6.99 |
|
8.00% |
$9.56 |
$7.34 |
|
8.50% |
$9.85 |
$7.69 |
|
9.00% |
$10.14 |
$8.05 |
|
9.50% |
$10.44 |
$8.41 |
|
10.00% |
$10.75 |
$8.78 |
| Example: Loan for $150,000 with 30-Year payment at 6% interest | ||
| ($150,000 / $1,000 = $150.00) X $6.00 = $900.00 | ||
| Monthly Loan Payment: $900.00 plus the following | ||
| Hazard Insurance, Property Taxes, Mortgage Insurance if applicable | ||
| Equals Monthly Mortgage Payment | ||
Loan Prequalification vs. Pre-Approval
Getting pre-qualified for a loan can help you determine what you can afford. Please fill out the following information and I can help you determine at what price we should start looking at. Things such as your credit history, your income, your outstanding debt, monthly expenses, employment history, the type of mortgage you want, and the amount of savings you have can all impact on how much real estate you can afford.
This brief form will tell me a little bit more about you so I can assist you with the appropriate form of home financing. There is no obligation and your information will be kept strictly confidential.
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www.facebook.com/YvettePalmerREALTOR
1859 North Grand Avenue, Ste. 4 • Nogales, AZ 85621
Mobile: (520) 313-0352 • Office: (520) 281-4888
Email: ypalmer@AgavePremier.com
Fax: (520) 761-3307
