Know Your Monthly Payment In Advance.
Compare & Save $$$!
Most homebuyers when looking for a home, speak to a bank or
mortgage broker to get pre-qualified for a mortgage, and are told the
maximum purchase price they will qualify for. Lets say up to $300,000
for example.
So Buyers head out and start looking at houses in that price range,
and the real estate agent makes sure that the price of the house
does not exceed that pre-qualifed amount.
When the buyer finds a house they like, they must wait until they
speak with the mortgage broker to make sure that, again, it falls within
their means, before they consider an offer. If it does, voila´, but if it doesn’t,
the buyer has to start all over again and find a new home within their budget.
What most buyers and real estate agents don’t know is that you do not qualify based
on a purchase price, but rather a monthly payment. And that is composed of up to six
different variables, being: principal, interest, taxes, insurance, private mortgage
insurance or mortgage insurance premium, and homeowners association fees (HOA).
What this means to you, is that price (affecting the principal and interest portion) is
only two of the six factors that make up your monthly payment… which is what you
qualify for.
Let me illustrate: Say you were pre-qualified for an FHA loan, with a 6.5% interest rate
up to $300,000.00 loan amount. Your mortgage broker tells you will have a payment of
approximately $2,529.00 So you went out and found a home for $295,000.00 and you
feel confident that everything will be fine. You call the mortgage broker, and after
getting all the information about the property, he tells you that it is out of your range,
since the payment now its $2,913.66
How is this possible?
When he calculated the monthly payments, it was based on a $300,000.00 loan
amount, with no HOA fees, $3,000.00 in taxes and $3,000.00 for hazard & flood
insurance. Now the house has $6,850 in taxes, and $125.00 in HOA fees, causing you
to no longer qualify for the loan, or not wanting that kind of payment!
Although I am not a Mortgage Broker, when you use me as your agent, I will personally
calculate the total monthly payment for each property we are going to see, before we
go to see it. I will not calculate principal and interest only, I will calculate everything.
This way, when we are in front of a property, you can easily compare it with other
properties you may be considering. This will help you select a better home, for less
money. Keep in mind that most Realtors don't perform this advantageous service.
On top of it, we will be able to see properties that are within your monthly payment
range that otherwise would be out of your reach if we were looking at price only. Using
the above example, if you qualify for a monthly payment up to $2,600.00, I can show
you a house that is worth $340,000.00 that has $1,950.00 in taxes, no HOA fees and a
lower insurance cost. The monthly payment is $2,578.00, and there is a big difference
between a home that is worth $290,000.00 and another that is $340,000.00. And that
difference could mean the difference between finding everything you want or nothing
at all.
Please press the button “push to talk” with any questions you may have. I look forward
to helping you find your dream home, and you becoming one of my esteemed clients.
Daring to do some math? Learn how to calculate the monthly payment yourself!
See below!
Find Out How Much You Can Afford in Your Next Home
Use this mortgage calculator to figure out what kind of house you can afford:
1. Enter the amount of a mortgage in the "Loan Amount" field, fill in the interest rate
and number of years and click on the "Calculate" button below the "Additional Monthly
Payments" field to determine the monthly payments for the home. This Calculator is
only for Principal & Interest monthly payment. Keep in mind that you could finance
"interest only" for a lower monthly payment (loan amount times the interest rate divided
by 12)
2. On a separate piece of paper, add on the Hazard & Flood Insurance monthly
payment (give or take, it's about 1% of the purchase price divided by 12; some lenders
let you pay annually)
3. Add on the Private Mortgage Insurance (PMI.) or MIP for FHA loans: Only if you
are putting less than 20% down. FHA is 0.5% of the purchase price divided by 12;
0.32% with 85% financing; 0.52% at 90% financing; 0.78% at 95% financing and 1%
for 100% financing. No MIP for VA loans.
4. Add on Real Estate Taxes: Existing owner previous year taxes divided by 12. Click
here to calculate your future real estate taxes or your portability deduction. Call me if
you have any questions, or to estimate them for you.
5. Add on Homeowners Association monthly dues (if any) Condos are usually
between $250 & $350 and most includes insurance; townhouses are between $80 if it
doesn't include insurance, up to $250 if it does, and most newer single family homes
are usually about $80)
NOTE: Please keep in mind that this will be an estimate only, and you should consult a
mortgage broker if you want to know how much the monthly payment is going to be. All
numbers are estimates only. Please press "Push -To-Talk" and I will quickly estimate
the payment for you.
Compare & Save $$$!
Most homebuyers when looking for a home, speak to a bank or
mortgage broker to get pre-qualified for a mortgage, and are told the
maximum purchase price they will qualify for. Lets say up to $300,000
for example.
So Buyers head out and start looking at houses in that price range,
and the real estate agent makes sure that the price of the house
does not exceed that pre-qualifed amount.
When the buyer finds a house they like, they must wait until they
speak with the mortgage broker to make sure that, again, it falls within
their means, before they consider an offer. If it does, voila´, but if it doesn’t,
the buyer has to start all over again and find a new home within their budget.
What most buyers and real estate agents don’t know is that you do not qualify based
on a purchase price, but rather a monthly payment. And that is composed of up to six
different variables, being: principal, interest, taxes, insurance, private mortgage
insurance or mortgage insurance premium, and homeowners association fees (HOA).
What this means to you, is that price (affecting the principal and interest portion) is
only two of the six factors that make up your monthly payment… which is what you
qualify for.
Let me illustrate: Say you were pre-qualified for an FHA loan, with a 6.5% interest rate
up to $300,000.00 loan amount. Your mortgage broker tells you will have a payment of
approximately $2,529.00 So you went out and found a home for $295,000.00 and you
feel confident that everything will be fine. You call the mortgage broker, and after
getting all the information about the property, he tells you that it is out of your range,
since the payment now its $2,913.66
How is this possible?
When he calculated the monthly payments, it was based on a $300,000.00 loan
amount, with no HOA fees, $3,000.00 in taxes and $3,000.00 for hazard & flood
insurance. Now the house has $6,850 in taxes, and $125.00 in HOA fees, causing you
to no longer qualify for the loan, or not wanting that kind of payment!
Although I am not a Mortgage Broker, when you use me as your agent, I will personally
calculate the total monthly payment for each property we are going to see, before we
go to see it. I will not calculate principal and interest only, I will calculate everything.
This way, when we are in front of a property, you can easily compare it with other
properties you may be considering. This will help you select a better home, for less
money. Keep in mind that most Realtors don't perform this advantageous service.
On top of it, we will be able to see properties that are within your monthly payment
range that otherwise would be out of your reach if we were looking at price only. Using
the above example, if you qualify for a monthly payment up to $2,600.00, I can show
you a house that is worth $340,000.00 that has $1,950.00 in taxes, no HOA fees and a
lower insurance cost. The monthly payment is $2,578.00, and there is a big difference
between a home that is worth $290,000.00 and another that is $340,000.00. And that
difference could mean the difference between finding everything you want or nothing
at all.
Please press the button “push to talk” with any questions you may have. I look forward
to helping you find your dream home, and you becoming one of my esteemed clients.
Daring to do some math? Learn how to calculate the monthly payment yourself!
See below!
Find Out How Much You Can Afford in Your Next Home
Use this mortgage calculator to figure out what kind of house you can afford:
1. Enter the amount of a mortgage in the "Loan Amount" field, fill in the interest rate
and number of years and click on the "Calculate" button below the "Additional Monthly
Payments" field to determine the monthly payments for the home. This Calculator is
only for Principal & Interest monthly payment. Keep in mind that you could finance
"interest only" for a lower monthly payment (loan amount times the interest rate divided
by 12)
2. On a separate piece of paper, add on the Hazard & Flood Insurance monthly
payment (give or take, it's about 1% of the purchase price divided by 12; some lenders
let you pay annually)
3. Add on the Private Mortgage Insurance (PMI.) or MIP for FHA loans: Only if you
are putting less than 20% down. FHA is 0.5% of the purchase price divided by 12;
0.32% with 85% financing; 0.52% at 90% financing; 0.78% at 95% financing and 1%
for 100% financing. No MIP for VA loans.
4. Add on Real Estate Taxes: Existing owner previous year taxes divided by 12. Click
here to calculate your future real estate taxes or your portability deduction. Call me if
you have any questions, or to estimate them for you.
5. Add on Homeowners Association monthly dues (if any) Condos are usually
between $250 & $350 and most includes insurance; townhouses are between $80 if it
doesn't include insurance, up to $250 if it does, and most newer single family homes
are usually about $80)
NOTE: Please keep in mind that this will be an estimate only, and you should consult a
mortgage broker if you want to know how much the monthly payment is going to be. All
numbers are estimates only. Please press "Push -To-Talk" and I will quickly estimate
the payment for you.
Alex Baglioni, remax partners, agent, realtor , real estate agent, Mortgage calculator in Broward County, Mortgage
calculator in Pembroke Pines, Mortgage calculator in Coral Springs, Mortgage calculator in Plantation, Mortgage
calculator in Fort Lauderdale, Mortgage calculator in Las Olas, Mortgage calculator in Lighthouse Point.
calculator in Pembroke Pines, Mortgage calculator in Coral Springs, Mortgage calculator in Plantation, Mortgage
calculator in Fort Lauderdale, Mortgage calculator in Las Olas, Mortgage calculator in Lighthouse Point.
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| How Fast Can You Payoff Your Home? Click on "Launch Mortgage Calculator" and Find Out! |
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