My name is Ella Gurfinkel. I want to thank you for taking the time to visit my website. Inside you'll find plenty of helpful information to assist you in purchasing your new home or refinancing your current mortgage. I am a Sr Loan Officer serving the Portland metro area. Purchasing a home is most likely the largest financial transaction of your life.
Unfortunately, some people enter into this transaction blindly and make mistakes that can be very costly in both time and money. Although sharing these secrets may not make me popular with the other Oregon and Oregon mortgage lenders, I am more concerned that you have all the information you need to make an informed decision when shopping for a mortgage.
So, I have created a guide that contains extremely valuable information designed to help you avoid costly mistakes when navigating the mortgage loan process. To receive this guide and other home buying tips, simply fill out the fields below and I will send you your first tip by email immediately.
Unfortunately, some people enter into this transaction blindly and make mistakes that can be very costly in both time and money. Although sharing these secrets may not make me popular with the other Oregon and Oregon mortgage lenders, I am more concerned that you have all the information you need to make an informed decision when shopping for a mortgage.
So, I have created a guide that contains extremely valuable information designed to help you avoid costly mistakes when navigating the mortgage loan process. To receive this guide and other home buying tips, simply fill out the fields below and I will send you your first tip by email immediately.
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How much you can borrow from a lender?
Use this calculator to calculate the amount you can afford from the lender's point of view.
Before you start looking for a new home, you need to have an idea of how much you can afford to pay for a home.
To find this out, you will need to take a closer look at your total monthly household income as well as the debts and regular monthly payments you are already making.
In addition, you will need to consider how much money you can put in down payment, the loan interest rate, and the length of the loan.
Use this calculator to calculate the amount you can afford from the lender's point of view.
Before you start looking for a new home, you need to have an idea of how much you can afford to pay for a home.
To find this out, you will need to take a closer look at your total monthly household income as well as the debts and regular monthly payments you are already making.
In addition, you will need to consider how much money you can put in down payment, the loan interest rate, and the length of the loan.
Calculate your monthly payment with applicable financial charges, PMI, hazard insurance, and property taxes.
As you can see, your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan.
Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment.
Even the value of your home will affect your payment.
Since your loan to value ratio is 83.33%, you will also have to pay PMI for 31 months and this will tack on an extra $177.08 a month.
As you can see, your payment will vary depending on how much you will be borrowing, the interest rate, and the length of your loan.
Other factors also need to be taken into consideration, such as your taxes, your insurance, and your PMI, all of which are included in your monthly house payment.
Even the value of your home will affect your payment.
Since your loan to value ratio is 83.33%, you will also have to pay PMI for 31 months and this will tack on an extra $177.08 a month.
Is it financially better to buy a home or to rent?
The answer to this question depends upon how much the home costs, how much you are paying for rent, and how much you will have to pay each year in order to maintain your home.
If you were to pay $800.00 per month, for example, and the average rental payment increase was 4.000%, you would pay $51,996.70 in a 5 year period toward rent.
When you consider your tax benefits and the appreciation of your home, however, you will actually SAVE money by purchasing a home.
The answer to this question depends upon how much the home costs, how much you are paying for rent, and how much you will have to pay each year in order to maintain your home.
If you were to pay $800.00 per month, for example, and the average rental payment increase was 4.000%, you would pay $51,996.70 in a 5 year period toward rent.
When you consider your tax benefits and the appreciation of your home, however, you will actually SAVE money by purchasing a home.
Deciding whether or not you should refinance your home mortgage depends upon several factors.
It also depends upon whether you are looking to simply reduce your monthly payment or if you are hoping to save money in the long run.
Summing up these numbers, we can figure out your total refinancing LOSSES, which will be $174.68.
Disclaimers: The information provided by these calculators is for illustrative purposes only.
There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation.
It also depends upon whether you are looking to simply reduce your monthly payment or if you are hoping to save money in the long run.
Summing up these numbers, we can figure out your total refinancing LOSSES, which will be $174.68.
Disclaimers: The information provided by these calculators is for illustrative purposes only.
There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation.
This calculator will compute your Total Monthly Mortgage Payment.
Your monthly payment will include principal and interest and an escrow account for property taxes and homeowners insurance.
This is also known as PITI.
These figures will be based on the term of your loan (amortization) and the amount of money you use for a down payment which is known as the loan to value (LTV).
This calculator will compute your Monthly Payment, the Total Interest you will pay over the term of the loan plus the total amount you will actually pay for borrowing the money.
Your monthly payment will include principal and interest and an escrow account for property taxes and homeowners insurance.
This is also known as PITI.
These figures will be based on the term of your loan (amortization) and the amount of money you use for a down payment which is known as the loan to value (LTV).
This calculator will compute your Monthly Payment, the Total Interest you will pay over the term of the loan plus the total amount you will actually pay for borrowing the money.
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