Our clients always ask, "How much will my payment be?" This answer varies on many factors and your lender can help you get an exact figure once you've picked a home but here are some of the factors they will take into consideration:
- Your Credit Score
- Your Down Payment (the more you put down the more money you will save in the long run)
- The Total Loan Amount
- Home Loan Type (FHA, VA, Conventional, Etc.)
- Home Loan Repayment Period (15 yr, 20 yr, 30 yr)
- Property Taxes in area - this can vary greatly depending on the area you choose to live!
- Will you have PMI?
All of these factors are considered when determining your loan payment but the calculator here can give you an idea of what your loan payment might be so you can start planning your budget with your new home loan in mind.
If you need help finding a reputable lender, contact us. We work with many lenders in Arizona and can give you great referrals of companies that can help you get pre-qualified for a home loan so that when you are ready to start looking for homes, nothing will hold you back from putting in an offer when the right house comes along.