Welcome to our Buyer's Resource Page. On this site you will find tools, tip and trivia to help you with your decision to buy a fine Northern Neck or Middle Peninsula property. Just click on the menu below or scroll down thorough listing below.
Credit Report - Understanding your credit rating is important in qualifying for your home loan. Make sure there are no suprises when you approach that mortgage lender by checking your credit report. Get a free copy of your credit report by following this link: FREE CREDIT REPORT.
The following example is for illustration purposes only. To obtain financial advice, please contact a qualified professional.
The Online Mortgage Calculator is great for trying "what if" scenarios. For example, suppose that you have found a $300,000 house and are trying to find out if you can afford monthly payments. If you enter $60,000 as the down payment , 5.7% as the interest rate and 15 years as duration of the loan, you will see that your monthly payments will amount to $1,987.
Let's say that this is more than you are prepared to pay based on your monthly income and expenses. As a result, you would like to consider a 30 year option. Simply click on the Term list arrow and select 30 years. Then click on the "Calculate" button. You will instantly see that your monthly mortgage payments will be $1,393. Therefore, changing the loan term to 30 years will cut your monthly payments by almost $600. However, this option is not as attractive as it may seem because ultimately you will pay more in finance charges.
If this is still more than you can afford, you can quickly evaluate other scenarios. For example, you can consider what will happen if you manage to find a better interest rate. A decrease in the interest rate from 5.7% to 5.5% would cut your monthly payments from $1,987 to $1,961 assuming a 30 year mortgage.
By changing all the variables (price, down payment, interest rate, loan term), you can get a better idea of what is involved in paying for a real estate property.
