Florida Buyer Broker 
Calculating mortgage payment
You can calculate mortgage payments using the simple calculator below. Type in the numbers for the current interest rate and the amount of the purchase price you are considering. If you are not already working with a lender with your pre-approval process, call me and I will help you with numbers based upon local rates and prices. The rate you actually obtain from a lender will also depend upon your credit rating.
Do NOT to apply for a loan on the internet.
Real estate agents who list homes will be more likely to accept a pre-approval for a mortgage from a local lending source than from one you find on the internet net. Mortgage rates published on the internet may be not be accurate or the same rate a lender will loan to you. Mortgage rates change daily. Online lenders typically take longer to close a loan which is a disincentive for the seller to accept your offer.
How to calculate mortgage payment.
The mortgage calculator does not include PMI. PMI-Private Mortgage Insurance, is an extra cost, added to the mortgage, by the lender when less than 20 percent of the purchase price is put down. The mortgage calculator does not calculate taxes or homeowner’s insurance.
Your lender collects the real estate taxes monthly a part of your mortgage. When there is a structure on the land the lender will want to collect monthly for your insurance premiums. The first year of insurance cost is collected as a part of your total closing cost. The lender will include an extra amount, monthly, in your mortgage payment to pay your insurance premium when the policy renews.
The lender, appraiser, surveyor and title company will have additional charges not included in the purchase price for your mortgage.
The cost of your mortgage will not be the same with all financial institutions. The type of loan and your credit rating will also make a difference in interest rates and down payment requirements.
Should you ask the Seller to pay closing cost.
The seller will sometimes contribute to the buyers mortgage cost and closing cost. Any offer to purchase property can request the seller to contribute to the buyer’s closing cost. However, in a Sellers’ market the seller is more likely to reject an offer asking for closing cost assistance. A seller’s market is when there is low inventory and listing prices are higher than normal or escalating.
Seller contribution to the buyers closing cost have limits set by lenders.
Check the percentages allowed based upon your loan type and the purchase price before making the request. A seller’s market, is when there is a low inventory and prices are high, the seller may reject such a request. However, it is possible for the buyer to include the closing cost on top of the price of the property when they make an offer to the seller. Depending upon the loan type and down payment made by the buyer.
The property will need to appraise for the additional amount of any closing cost added to the property price.
When a property does not appraise to the purchase price, the buyer, not the seller, usually will pay the additional cost to cover the difference between the appraisal and the purchase offer amount. The difference may be negotiated between the buyer and the seller. If the seller pays the amount becomes a credit at closing and would not be included on top of the initial asking price of the property. The lender would need to approve the closing cost credit from the seller. Sometimes the real estate agent will also contribute to the buyers closing cost in order to close the sale. This can only be done with the lenders approval and when all parties to the transaction are notified that the real estate agent is making a financial contribution to the sale.
For more information on how to find a lender and general information regarding how and when to start your financing transaction contact Beverly Howe, Buyer Broker for Florida Buyer Broker.
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There is NEVER a conflict of interest between the buyer and the seller when the buyer chooses to work with Florida Buyer Broker. A single agency buyers ONLY real estate office, serving buyers with integrity, loyalty, honesty, skill and expertise.
Beverly Howe, buyer broker relationship with buyers is always Single Agency representing buyer’s only. Her buyer clients receive undivided loyalty throughout the real estate transaction. See Fiduciary Duties required by Florida Law and Brokerage Relationships , Buyer Agent Disclosure for more information.
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