Mortgage Calculators
Calculating how much mortgage you can afford shouldn’t be that hard. With that in mind, we have the variety of tools, making your mortgage assessment an easier and more intuitive process.
And once you know how much you can afford you should also know what will be your payment amount and what are the next steps to get your dream home.
How the Mortgage Process Works
There is no question that getting a mortgage is a complicated process. You wouldn’t be researching mortgage rates if you could get a mortgage in one day with a simple application. But Best Rates does the heavy lifting so you can concentrate on your life rather than the mortgage.
Getting a mortgage loan involves four major milestones:
Step one: Decide on your maximum loan amount
You have made your decision and you want to buy a house, but you are not sure how much you can afford but because lender guidelines are fairly standard, we can give you a good idea of how much you can borrow after a short conversation and using our online calculators.
Step two: pre-qualify for your loan
This step is where Best Rates will start saving you money. You will supply details about your employment, your assets, and your residence history. We get your permission to run your credit report. We will go over this information and provide a pre-qualification certificate. With this certificate, you can negotiate the best deal for your new home.
Step three: you found the house and we apply for your mortgage
We have all the details regarding your mortgage and we will send it to the lender which offers the best mortgage options and rates. Keep in mind that not always lowest rate means the best rate we will explain that to you.
Step four: closing the transaction and funding
Your lawyer and the mortgage company will handle the funding of your mortgage once it’s approved. We’ll work with the lender and your solicitor to make sure all the papers your lender requires are in order, and your legal documents can be signed to close the transaction on time. Since you don’t have to coordinate this process, you can think about the move or if you’re going to repaint, new carpet, and the details involved in getting your new home.
You’ve answered some questions, provided detailed information, applied for the mortgage, and before you know it, you’ll be moving in! We will take care of all the mortgage details so you can spend your time finding the new home that’s right for you.
We also have our Preferred Realtors working with us if you need their help please just mention that during the interview.They will be glad to serve you and you could get as much as $2000 cash back for using their service.
Free Consultation for Home Buyers or Borrowers