Maine mortgage loans is committed to helping you find the right mortgage product for your needs in South Berwick. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
For most people, the idea of going from renter to homeowner
seems out of reach for one main reason: poor credit history.
Many feel that because of their past credit problems, they have
no chance of qualifying for a mortgage to own a home. In recent
years however, many lenders have made it easier for those with
"not so perfect" credit to qualify for a mortgage.
"In fact, even having a Chapter 7 or Chapter 13 bankruptcy is no
longer the deal breaker it once was" says Michael Hart, a senior
loan advisor with Anderson Lending Group in Peachtree City, Ga..
"Lending guidelines have relaxed considerably over the last
couple of years to the point where it's now easier to qualify
for a loan than ever before".
The three main factors of most concern to lenders are: credit
score, job history and income. Your credit score is the main
determining factor. The higher your score, the more options
you'll have with any lender. Secondly, if you have fairly stable
employment and income, chances are you'll qualify for a home
loan. And if your credit score is high enough, even with a past
bankruptcy, you may well qualify for a 100% loan with some
lenders.
"The secret is in knowing where to go and how to shop for a
mortgage. And you have to be careful, with loans being so easy
to obtain today, it's easy to get yourself in a situation where
you're overextended. A good mortgage broker should be able to
help you determine what's best for you based on your own
personal circumstances."
Keep in mind the fact that lenders will charge higher rates on
loans to those with "past credit issues" to offset the higher
risk associated with making the loan. It's up to you as the
borrower to determine if the potential advantages outweigh the
higher cost involved. A new loan can provide the opportunity to
re-establish yourself as a "good" credit risk by making "timely"
payments. Other positive aspects to consider are the tax
benefits of home ownership and the possibility that the home may
appreciate in value.
"Most everyone wants the security of owning their own home, and
now that opportunity is available to more people than ever
before." says Hart. " You just have to make sure you're being
realistic in what you can afford. Talk to a mortgage broker to
see if and what you qualify for. Then be sure to use your head,
not just your heart, in your search for that new home!"
About the author:
Michael E. Hart is a Senior Loan Advisor with Anderson Lending
Group in Peachtree City, Ga. He is a former real estate agent, a
real estate investor and author of "Top 10 Tips to Sell Your
Home By Owner". Mr. Hart can be reached at 678-318-3542 or
http://internetloancenter.com