The mortgage calculator will figure out monthly payments of a home mortgage loan, based on the following:
•The Purchase Price of the Home (In Dollars)
•The Property Tax Rate (%) *Read about property tax information below.
•Monthly Hazard Insurance (In Dollars) *Read about monthly hazard insurance below.
•The Term of the Mortgage Loan (15 year loan, 30 year loan)
•The Loan's Interest Rate (%) *Read about loan interest rates below.
We can recommend an honest and well informed loan officer with extensive knowledge of the mortgage industry and one that will have YOUR best interest in the highest regard throughout the financing process.
Property taxes in our area typically have a base tax rate between 1.0% to 1.1%.
Additionally, most properties in our area have special assessments. Special assessments pay for our city services, schools, parks, etc. The special assessments vary from neighborhood to neighborhood. You will notice the newer neighborhoods have higher special assessments than the older neighborhoods. As our cities continue to grow, we are in need of more parks, schools, road ways, fire protection, etc. to accommodate all the people. The amount of the special assessments need to be added to the base tax amount to find the total percentage of the property tax rate.
As your Realtors®, we will check with the county tax assessor’s office for a complete list of special assessments and the amounts.
Property taxes and special assessments are part of being a homeowner. Our communities are filled with great neighborhoods, parks, shopping and top rated schools.
All mortgage loans require you obtain homeowner’s insurance (also known as hazard insurance) to protect both parties from fire, etc. Check with your automobile insurance company to see if they offer hazard insurance. If you decide to insure both your auto and home with them, they may even give you a discount. Your monthly payment amount will depend on how much coverage you need. For example: You may have precious gemstones or fine art in your home worth lots of money. If there was a fire, you would want those items covered in addition to the coverage on your house. Therefore, the more you have covered the higher your monthly payment. Shop around just like you do for your auto insurance and always check your homeowner’s policy to see what is covered.
Rates vary depending on your credit history, FICO score, debt to income ratio, employment history, and so much more. Before looking at homes, always talk to a loan officer first to find out how much house you can afford.