Free Mortgage Calculator Online
Buying a house in Myrtle Beach is a big decision. You may be looking for a cute bungalow in the country. Or maybe you want a condo in the heart of the city. Maybe you want an open-concept or an older home with plenty of character. Or maybe you want a pool, fireplace or other special feature. All of these decisions usually circle back to how much house can you afford.
Regardless of the type of home you are looking for, you will probably need a mortgage to purchase it.
When you’re looking to buy a house, you’re probably wondering “how much mortgage will my mortgage be?”
Getting approved for a mortgage is an important first step in buying a home. Finding out how much house you can afford will bring your home buying search into sharper focus and help you eliminate homes that are out of your price range.
What is a mortgage? Simply put, it is a loan to purchase a house or some other type of real estate. You repay the mortgage principal plus interest usually on a monthly basis. The lending institution uses your real estate as collateral for the loan.
There are actually 6 different types of mortgages:
- Conventional loans
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
- Reverse mortgages
Each type of loan is designed for different people and different purposes. One loan may suit your situation better than another.
For example, FHA loans traditionally are easier to get approved for and have a lower down payment requirement, so they are great for first-time homebuyers.
Unless you are planning on buying your home for cash, you will need a mortgage for financing.
Where do you start looking for mortgage financing?
Using our free mortgage calculator online, you can figure out how much house you can afford by simply inputting your information in our form below. With a quick click, you can discover your mortgage price range.
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Tips on Choosing a Mortgage
It’s important to find the right mortgage for you. In the current real estate market, mortgage rates are increasing. This increase is expected to continue throughout 2022.
Shop Around for the Best Rates
Don’t automatically assume that the lending institution you use or are familiar with offers the best rates. Do your research and find the lending institution with the lowest rates.
Get Pre-Approval for Your Mortgage
Here’s a hot tip for when you are buying your home: first get pre-approval from your lending institution. Most offer pre-approvals for free with no obligation.
Even better, get the pre-approval in writing. If the home you are interested in has multiple offers, with all other things being equal the home sellers are more likely to choose the homebuyer who has written pre-approval over someone who is conditional on financing. A written pre-approval is as good as money in the bank!
For more information on mortgages and buying a home, call us at (843) 438-7043, contact us here, or fill out the form below.