terry compton realtor mortgage calculator

Mortgage Calculator

Choosing the right mortgage for your home purchase is an important part of your home purchase. The calculator below is a great starting point to help you with calculations. If you don’t have a mortgage broker you’re working with already, we’ll be happy to make recommendations to you.

Here are 5 Easy Steps to Get You Pre-Approved For a Mortgage

  1. Talk with a mortgage specialist. There are hundreds of options to choose from when it comes to lenders. Independent mortgage brokers tend to offer the most options because they do not just work with one bank. However, if you have a good relationship with your bank or financial institution, contact them as your first step towards finding the right mortgage for you. But be sure to compare rates.
  2. Complete and submit your application with the mortgage broker. They will collect your financial and personal information in order to find out how much mortgage you can carry.
  3. Gather all the necessary documents. The mortgage broker will give you a list of documents that the banks/lenders need to finalize the mortgage.
  4. Verification of your details. They will do their checks and balances to make sure that you are not getting in over your head.
  5. Obtain a copy of your pre-approval. This is a powerful negotiating tool. The seller of your dream home will feel more confident that you are the right person.

While it is important to talk to a mortgage lender about pre-approval, be selective by choosing two or three at most since shopping and showing too many “credit checks” can negatively affect your credit score.

Having that Pre-Approval Documentation Can Offer You Several Benefits

  • Save you time and disappointment by only looking at properties that you can afford.
  • Save you money. Well chosen rates mortgage terms can save you money for years to come.
  • Less stress throughout the process. You will know that you are ready and capable of buying a home.
  • Get a better deal on the home that you want. Sellers prefer to know that buyers already have financing in place.