Mortgage Information
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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.
The best thing that you can do when deciding to buy a home is to get pre-approved before you even start to look. Especially here in our area it is best to have a pre-approval letter from your lender when an offer is made on a property. By doing so you will assure yourself that you are looking in the appropriate price range. I would never want someone to find their dream home and then find out that they could not possibly afford that home.
My personal recomendation is that people use a direct mortgage lender and not a mortgage broker. It has been my experience that direct lenders have more control and input into the processing of their loans.
That being said, I have two lenders that I recommend. Kathleen Sullivan of M & T Bank, Pat Watts of Century 21 Mortgage
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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.
