Are you looking to crunch some numbers? You can calculate your montly
mortgage payment with this simple calculator and here are a few
guidelines to consider:
Shorter loans, such as 15 years, can save you thousand of dollars in interest payments over
the life of the loan, but your monthly payments will be higher.
A larger down payment greater than 20% - will give you the best possible rate. Down payments of 5%
or less should expect to pay a higher rate as you are starting with less equity as collateral.
Credit quality and debt-to-income-ratio affect the terms of your loan through
your FICO Score. If you have good credit and your monthly income far surpasses
your monthly debt obligations, you can get approved
at a lower interest rate.
You can find the current Mortage Rates, for your calculations,
here.
