Mortgage Finder

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Frequently Asked Questions

A mortgage is an agreement between a borrower (you) and a mortgage lender to buy or refinance a home with money provided to you by the lender. If you fail to meet the terms of your mortgage, e.g., you do not repay the money owed, the lender has the right to repossess your property.

The mortgage loan process generally follows these steps:

  • Calculate your loan payments using our mortgage calculator.
  • Plan your budget, down payment, and installments.
  • Use LendMeMoney to compare and find a mortgage.
  • Get pre-approval from the bank or private lender.
  • Find a property that is to your liking and within your budget.
  • Apply for a mortgage for that particular property through your choice of lender.
  • Submit to an appraisal, finish underwriting and submit all the necessary documents required.
  • Purchase your property.

There are multiple types of mortgage lenders and mortgage options available:

  • Conventional mortgage loan: Most common choice for mortgage loans.
  • Conforming loan: Meets the standards of FHFA (Federal Housing Finance Agency).
  • Non-conforming loan: Does not completely meet the FHFA (Federal Housing Finance Agency).
  • Jumbo Loan: Mortgage used to finance properties that are too expensive for a conventional loan (over $766,550). Considered riskier for lenders because they cannot be guaranteed by Fannie Mae and Freddie Mac.
  • Government-Backed Loans: These are loans backed or sponsored by the US Government.
  • FHA Loans: Limited loans with the requirement of at least a 580 credit score.
  • VA Loans: Special home ownership financing awarded to US military veterans.
  • USDA Loans: Specialized loans for agriculture for buying USDA-approved land.
  • Fixed Rate Loans: The loan maintains its interest rates throughout the payment terms.
  • Adjustable-Rate Mortgage: Opposite to a fixed rate, it has adjusting interest rates throughout the term of service.

Multiple factors influence the approval of your mortgage:

  • The size of your initial deposit for your house.
  • Your credit score (ideally it should be at least 600).
  • Your employment status or proof of income.
  • A debt-to-income ratio of less than 50%.
  • Your financial dependents, along with your spending habits.

Here are some helpful tips:

  1. Check Your Credit Score: Your credit score impacts your eligibility for the loan type and interest rate you will be offered, and how much you can borrow. You can get a free annual credit report at AnnualCreditReport.com.
  2. Set Your Budget: Use our Mortgage Calculator to find the maximum amount that will be available to you for purchasing your home and strictly stick to your budget, keeping in mind that you will also need to consider property taxes, maintenance, homeowner’s insurance, furnishings, and other utility costs. From the maximum mortgage amount that you get approved for, take off 20% from that amount to ensure that you are able to afford the additional expenses that go with your home ownership contingencies.
  3. Understand Various Loan Options: Learning about the loan options available to you prior to submitting your application ensures that the lender you select will offer you the best loan type available in the market. Some of the mortgage types include:
  • Fixed-Rate Mortgages
  • Adjustable-Rate Mortgages
  • Professional Loans
  • Construction Loans
  • Government Loans

LendMeMoney has a mortgage loan calculator that is free to use for all our website visitors. You can use this to calculate your mortgage requirements for buying your home.

Fixed rates: The interest rate will remain the same throughout the loan terms. Adjustable Rates: The interest rate can be adjusted up or down depending on market situations.

A mortgage loan company may offer their first-time clients extra benefits or support for getting a mortgage. This may, however, vary from lender to lender.

There are several one-time fees associated with a mortgage:

  1. Appraisal Fee – Approximately $300 to $450, this fee is for an appraiser to assess the value of your home. This is to ensure the value of the property provides enough collateral for the loan.
  2. Home Inspection Fee – Approximately $275 to $400, this fee covers a professional inspection of the home to ensure there are no major internal or external issues.
  3. Loan Origination Fee – Ranging from 0.5% to 1% of the loan amount, this fee is charged by the lender to review and verify your application.
  4. Loan Application Fee – Can be up to $500, this fee is charged by the lender and may be included in your loan origination fee.
  5. Credit Report Fee – Average cost is $35 for lender to run credit reports from at least two credit bureaus.
  6. Recording Fee – Between $20 to $250, this fee is for the local government to record your new property’s deed to confirm that you are the legal owner.
  7. Document Preparation Fee – Usually less than $100, this fee covers the preparation of documents to be signed at closing.
  8. Title Insurance Fee – Averages $1000 per policy, this insurance protects you and the lender against potential ownership disputes or title-related issues. It is paid to the title insurance company.
  9. Taxes – The amount of taxes paid at closing depends on the location of the property, but buyers often prepay two months of city and county taxes.

Mortgage refinancing is when you replace your existing mortgage with an entirely new mortgage. You can either use the same lender or a new lender.

Calculators

Mortgage Calculator

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$1685

Your estimated monthly payment with PMI.

PMI: $208.33
Monthly Tax Paid: $200.00
Monthly Home Insurance: $83.33

Mortgage Details

Loan Amount: $250,000.00
Down Payment: $50,000.00
Total Interest Paid: $179,673.77
Total Tax Paid: $72,000.00
Total Home Insurance: $30,000.00
Total of 360 Payments: $531,673.77

Monthly Vs Bi-Weekly Payment

Monthly Payment

Bi-weekly Payment

Total Interest Paid

Total Interest Paid