Mortgage Calculator

	Purchase price: $ Down payment: % Mortgage term: years Interest rate: % Property tax: $ per year Property insurance: $ per year PMI: % First payment date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Loan amount: $ Loan term: years Interest rate: % First payment date: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Understanding Rates and Costs

Pricing Variables

There are a many variables that go into quoting an accurate interest rate.  Credit score, Property Type, Transaction Type (Purchase or Refinance), Down Payment Amount, Type of Property, Type of Loan, Property Location and Lock Length are some of the many factors considered when quoting an accurate interest rate.  Keep in mind that Your Mortgage People does not decide what to charge to compensate for the various loan parameters.  These “Add-ONs” are set by agencies like Fannie Mae and Freddie Mac and are the same from one lender to the next.  See Why We Do Not Post Rates.

We Are Not A Broker

Your Mortgage People is a direct lender that is able to control the application process from start to finish.  We are not a mortgage broker.  Our status as a direct lender affords us the opportunity to investigate all the best rates and programs offered by our end investors.  Our investors include most of the largest residential mortgage lenders available.   So behind the scenes we are always shopping to offer you the best rates available.

Good Faith Estimate

Your loan officer will deliver a Good Faith Estimate (GFE) when quoting rates and closing costs for a particular loan product.   One of the first line items addressed on a GFE are the points paid in association with the rate quote.  A POINT is lender lingo for a charge of 1% of the loan amount paid at settlement with the purpose of BUYING DOWN your interest rate.  There are many rate and point combinations offered each day.   Some borrower’s elect to pay as much as 3-4 POINTS (3-4% of the loan amount) in order to BUY DOWN to the best rate possible. Nearly all mortgage programs offered by Your Mortgage People are available with NO POINTS.  POINTS are listed on the GFE as Loan Origination and Loan Discount Fees.  Your Loan Officer will be happy to explain each line item listed on the GFE.  It is our goal that you completely understand the transaction at all times.

Market Fluctuations (Lock or Float)

Interest Rates move constantly just like the stock market.  On especially volatile days rates can change several times for better or worse.  So when doing your homework it is important to consider offers from the same day and time.  There are a few loan companies that “play the market” when quoting rates.  They quote an artificially low rates with the hope the market will improve before they need deliver the quoted rate.  We do not play such games.    When you apply you have the option to LOCK your rate quote or you may choose to FLOAT with the market.  LOCKING you rate means the rate quoted is gauranteed for the specified lock period (30, 45, 60, or 90 days…)  

Click Here to Download the HUD booklet regarding settlement costs

Link to HUD Site regarding Closing Costs