What to consider when determining your monthly mortgage payment
- Home Price — The final selling price of the home as determined by an agreement between the buyer and the seller.
- Loan Term — The number of years you have to pay back the home loan, which is typically 15, 20 or 30 years.
- Interest Rate — The rate of interest charged on a mortgage, which can be fixed or variable.
- Homeowners Insurance — Financial protection against losses and damages to the home.
- Property Taxes — Tax paid on an owned property that is based
gET pRE-qUALIFIED FOR THE HOME PRICE YOU CAN AFFORD
The mortgage pre-qualification process can be easy and swift. At Wain Capital we want to move as fast or as slow as you need. We can advise you based on your goals and your affordability.
Before you send documentation we can discuss general numbers with each mortgage scenario. When we have your documents we can analyze them to give you hard numbers, such as what home sale price you can afford, what the mortgage loan amount should be, a few options for your down payment, and of course the current interest rates to know your monthly mortgage payment.
We always review your credit report, your mortgage budget and your future financial goals to ensure they are in line with your qualified loan amount. Just because you can qualify for a high sales price or loan amount, doesn't always mean you want that monthly mortgage payment.
As your Mortgage Broker, we will help you gather all the necessary documentation for the specific wholesale mortgage lender that works best for your scenario.
What Documents do I need for the Mortgage Application
- Government issued ID - such as a drivers license
- Income and Employment
- W-2 forms and Tax Returns
- Assets and Debts