Buying a new home should be a pleasant experience. We’d like to help make it that way by taking the worry out of applying for a mortgage for your new Liverpool, Baldwinsville or North Syracuse home. That’s why we would like you to take our Home BuyAbility Test. It will help you find out how much home is right for you, so you can feel more comfortable when you apply for your mortgage loan with us.
Select A Mortgage Loan To Fit Your Financial Situation. Before you apply for your mortgage loan, you’ll need to decide which type of loan may be right for you.
- Conventional Loans have a fixed rate and monthly payment for the entire life of the loan. It’s easy to budget for this type of loan because your payment will always be the same. The rate on a conventional mortgage loan is generally higher than an adjustable rate mortgage.
- Adjustable Rate Loans usually start with lower rates than conventional loans. We’ll let you know how much the rate can be adjusted over the life of the loan, so you’ll know from the beginning the absolute maximum amount you would ever have to pay. If you will be moving in a few years, or if you think interest rates will be going down, you’ll want to consider an adjustable rate since monthly payments may be lower.
Once you know approximately how much of a mortgage you can afford, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes and insurance are also not included on the chart, but may be added to your monthly payments.
Monthly Mortgage Payment Guide
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Is Refinancing Right For You? Generally, it’s a good idea for you to consider refinancing whenever the interest rate for mortgages is more than two percentage points below your present mortgage. For more details, ask to speak to one of our mortgage loan experts at (315) 638-0233.