WHAT WOULD YOUR MONTHLY PAYMENTS BE?

Things to keep in mind:

  • Principal Amount of Loan - Enter the beginning balance of the loan. For mortgage loans, this is usually determined by adding the home purchase price and closing costs, then deducting the down payment.
  • Annual Interest Rate - This calculator requires an interest rate between 1.0% and 50%. You may enter any increments above 1.0% -- for instance, 8.125% would be valid to enter.
  • Term of Loan - Must be at least 1 year. Enter increments of whole years using a decimal point. For instance, you would enter 1 ½ years as 1.5 years.
  • Monthly Loan Payment will be calculated after you enter information and click on the "Calculate" button.

Enter information regarding your loan in the calculator on the next page. You can calculate your monthly payment as well as an amoritazation chart.

REMINDER:
If this is a mortgage loan, the monthly payment does NOT include an amount for  loan fee's are approximately $1,700 and should be added to the price of your project.

Closing Information

Prior to scheduling a closing you will be required to produce this documentation:
  • Signed contract between you and your builder
  • Copy of your home mortgage "NOTE". The lender wants to read the language if your current mortgage is a "Interest Only" loan. They will NOT subordinate behind a "INTEREST ONLY" 1st mortgage
  • Copy of your monthly mortgage statement
  • Name, phone number and policy number of HOMEOWNER INSURANCE AGENT.
  • Verify borrower and co-borrower income. Employeed only needs 2 recent paystubs showing year to date. Commissioned needs to have 2 recent paystubs with 2 yrs w-2's. Self Employed will need 2 years TAX RETURNS with ALL the schedules.