Monthly Payments are made up of PITI: Principle, Interest, Taxes and Insurances (and HOAs if applicable). Monthly payments vary widely based on loan amount, loan type, percent down payment/ equity, loan duration, credit scores, property taxes and home insurance rates.
Once Green Family Mortgage receives your complete loan application we will put together an individualized calculator specific to you so you can more easily shop for homes knowing exactly what those payments look like for you.
Your mortgage payment is made up of the principle and interest payment due on your home loan. The payment will vary depending on loan amount, percent down payment, loan type, length of loan, and your credit score.
Property Taxes are determined by the county in which your home is located. Property taxes can vary widely depending on assessed value by the city, the neighborhood, the size of the home, and how long ago the house was built. Tax rates are typically located on the listing your realtor provides or via online home searching sites in an annual format. To determine the monthly tax rate divide the annual amount by 12.
Home Insurance is always required when getting a loan, but it's something you will likely want anyway. If your home burns down- you will be glad to have some insurance to protect your investment!
Home insurance rates vary company to company and it is something you will choose and shop for once you have an accepted offer. Earthquake insurance is optional but recommended.
Mortgage Insurance is something that is almost always required by the lender whenever you put less than 20% down. The rates vary depending on loan amount, down payment amount, location of property, loan type, and your credit score.
Home Association Dues
Home Owners Association dues (HOAs) are typically only required in condominiums or when your home is located in a neighborhood association. HOAs typically cover the maintenance required on the common areas and exterior of your home by the Homeowners Association.
How can I find out what my Monthly Payment will be?
Once Green Family Mortgage receives your loan application
and paperwork needed
we will put together a preapproval letter and an individualized calculator specific to you so you can more easily shop for homes knowing what your monthly payments will look like.