FINANCING YOUR HOME IN SILVER SPRING, MARYLAND
One of the most intimidating aspects of buying a home is getting it financed, especially for first time home buyers. We understand. Our agents are home owners too and have been through the loan process. We know how it feels to have a lender ask us for our most personal financial information. But, lenders are wonderful folks, THEY LEND VERY LARGE AMOUNTS OF MONEY. Of course, they have a lien on the real estate they help finance. But, lenders are our friends and folks who make credit payments timely have no reason to fear lenders. Folks who have had credit problems have nothing to fear, just a bit of work to do.
Lenders price the cost of money based on your credit worthiness, or past payment history. So, if you have a good payment record, you'll get the best rate. If you have late payments or other payments on your credit report, YOU MAY STILL GET A MORTGAGE LOAN, you'll just have to pay a higher rate.
Remember, we'll be there with you every step of the way.
Monthly Gross Income |
Average Monthly Debt |
Maximum Mortgage Payment | Monthly Taxes and Insurance |
@6% Interest Rate |
@5% Interest Rate |
|---|---|---|---|---|---|
4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 |
320 400 480 560 640 720 800 880 960 1,040 1,120 1,200 1,280 1,360 1,440 1,520 1,600 |
1,200 1,500 1,800 2,100 2,400 2,700 3,000 3,300 3,600 3,900 4,200 4,500 4,800 5,100 5,400 5,700 6,000 |
200 250 300 350 400 450 500 550 600 650 700 750 800 850 900 950 1,000 |
$166,000 $208,500 $250,000 $292.000 $333,500 $375,000 $417,000 $459,000 $500,000 $542,000 $584,000 $625,500 $667,000 $709,000 $792,000 $834,000 |
$186,000 $233,000 $279,500 $326,000 $372,500 $419,000 $465,700 $512,000 $559,000 $605,000 $652,000 $698,000 $745,000 $791,500 $838,000 $885,000 $932,000 |
Contact us for daily interest rates. We can help.