Get an Idea of What Your Mortgage Will Be

Mortgage calculators can be a helpful tool for anyone in the process of purchasing a home. By inputting information such as the loan amount, interest rate, and loan term, a mortgage calculator can determine your monthly payment and overall repayment schedule. It can also calculate potential savings from making additional payments or refinancing at a lower rate. However, it’s important to remember that these calculations are estimates and may not reflect your actual expenses. Before making any decisions, it’s best to consult with a financial advisor or lender to get a more accurate picture of your mortgage options. Using a Mortgage Calculator is just one step in the process of buying a home – but it can definitely help you plan ahead and make informed decisions about your financial future.

Already have your eye on specific Sterling homes? Simply add the job number to the calculator and it will automatically pull in the price! Plus, you can easily compare two homes using the two tabs at the top!

The Benefits Of Using This Calculator

The Sterling Mortgage Calculator is a great tool for home buyers. Not only does it give you an accurate estimate of how much you could borrow, but it also lets you know how much of a down payment you’ll need to put down. This will ensure that you make the best decision when buying a home and that your financial future is secure. 

How To Use The Mortgage Calculator 

Using the Sterling Mortgage Calculator is easy! Simply enter your desired loan amount, interest rate, loan amortization term, and the percentage of the down payment you’ll be providing. The calculator will immediately update and you’ll be able to see an estimated payment amount.

From there, you can adjust any of the inputs in order to get a better idea of what terms would best fit your budget. Don’t forget to take into account your other expenses and savings goals as well. 

Plus, if you already have your eye on a specific Sterling home, you can simply add the job number to the calculator and it will automatically pull in the price! And if you’d like, you can easily compare two homes using the two tabs at the top.

How Can The Sterling Mortgage Calculator Help Me Make Informed Decisions About Buying My Home?

By entering the price of your home, interest rate, and other pertinent information into our calculator, you’ll be able to instantly see an estimated payment amount. This allows you to better gauge how much home you can afford as well as what kind of budgeting and saving strategies may be necessary to make the purchase a reality.

Getting The Most Accurate Estimates From This Calculator 

It’s important to remember to enter accurate and up-to-date information into the calculator, such as your desired loan amount, interest rate and loan term. Make sure to also take into account other expenses you may have when making this purchase, such as closing costs and taxes. This will help ensure that the results you get are an accurate reflection of what you can afford.

With the help of our Mortgage Calculator, you’ll be well on your way to making an informed, confident decision when it comes to buying a home. From crunching numbers to exploring different scenarios, it’s a great starting resource regardless of your level of expertise or experience with mortgages.

Additionally, you can check out the Sterling Homes Blog which provides helpful articles on topics such as budgeting, saving for a down payment and understanding your credit score. This way you can make more informed decisions throughout the home-buying process. And remember – research options carefully, use multiple tools and consult with a financial advisor or lender before making any major money decisions. Good luck!

Frequently Asked Questions: 

What is a mortgage payment?

A mortgage payment is a regular payment made by a borrower to a lender to repay a home loan. When someone borrows money from a lender to purchase a home, they agree to repay the loan with interest over a set period of time. The mortgage payment is typically made monthly and includes both the principal (the amount borrowed) and interest (the cost of borrowing the money). In some cases, the mortgage payment may also include additional costs such as property taxes and homeowners insurance, which are held in an escrow account and paid by the lender on behalf of the borrower. The size of the mortgage payment will depend on factors such as the amount of the loan, the interest rate, and the length of the loan term.

What are some factors that can affect your mortgage payments? 

There are several factors that can affect your mortgage payments, including:

1. Interest rate: The interest rate on your mortgage is a major factor that determines your monthly mortgage payment. Generally, the higher the interest rate, the higher your monthly payment will be.
2. Loan term: The length of your mortgage term can also affect your payment. Longer-term loans generally have lower monthly payments, but you will pay more interest over the life of the loan.
3. Principal amount: The amount of money you borrow (the principal) will also affect your monthly payment. The larger the loan amount, the higher your monthly payment will be.
4. Down payment: The amount of money you put down on your home will affect your monthly payment. A larger down payment can lower your monthly payment by reducing the amount you need to borrow.
5. Property taxes and insurance: Property taxes and homeowners insurance are often included in your monthly mortgage payment. These costs can vary depending on the location of the property, the value of the home, and the level of coverage you choose.
6. CMHC insurance: If you make a down payment of less than 20% of the purchase price, you may be required to pay for CMHC insurance. This additional cost can increase your monthly payment.

Overall, your monthly mortgage payment will depend on a combination of these factors, so it’s important to consider them carefully when shopping for a mortgage.

How do I get approved for a mortgage?

Getting approved for a mortgage typically involves several steps, including:

1. Checking your credit score: Your credit score is an important factor in determining whether you will be approved for a mortgage and what interest rate you will qualify for. Make sure to check your credit report and correct any errors before applying for a mortgage.
2. Gathering financial documents: You will need to provide documents such as tax returns, pay stubs, bank statements, and other financial documents to demonstrate your income, assets, and debts.
3. Pre-approval: Getting pre-approved for a mortgage can give you an idea of how much you can borrow and what your interest rate and monthly payments may be.
4. Choosing a lender: Shop around and compare mortgage rates and terms from different lenders to find the best fit for your financial situation.
5. Completing the application: Once you have chosen a lender, you will need to complete a mortgage application and provide all required documentation.
6. Underwriting: Your application will be reviewed by the lender’s underwriting department to determine whether you meet the lender’s requirements for a mortgage.
7. Closing: If you are approved for a mortgage, you will need to attend a closing to sign the final loan documents and complete the purchase of your home.

Overall, the process of getting approved for a mortgage can be complex and time-consuming, so it’s important to be prepared and work with a lender that you trust.

To learn more about mortgages, including types of mortgages, mortgage insurance, preapproval, credit scores, visit our full mortgage guide here.