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?