Real Estate Mortgage Calculator

If you're thinking about buying a home, you're probably going to need a mortgage, too. The biggest misconception about home loans is that there are only a few options out there—but that couldn't be further from the truth. In reality, there are hundreds of different mortgages from which to choose, which can be a bit overwhelming even for an experienced buyer.

Need advice on home loans, interest rates, or the application process? I'm here to help! Here's your all-in-one guide to securing a mortgage in the Triangle.

First, Determine How You'll Pay Interest

Before you start shopping for your mortgage, take some time to research interest rates. Here are three of the most common options:

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Fixed Rate Mortgage

  • The interest rate will always remain the same
  • Payments also stay the same
  • Added predictability and stability

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Adjustable Rate Mortgage

  • The interest rate will fluctuate according to the market
  • Expect rate increases or decreases during the lifespan of the loan
  • Monthly payments can also increase or decrease

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Two-Step Mortgage

  • Also called 5/25s or 7/23s
  • Has a fixed rate for the first few years, then converts to an adjustable rate
  • Can be converted into a fixed rate loan or automatically become ARM

Next, Choose Your Loan Type

Once you've settled on the right interest rate, it's time to take a closer look at the types of loans available for Triangle buyers. Here are a few that are popular in our area:

Conventional Loan

  • Last for 15 or 30 years
  • Can be fixed-rate or adjustable
  • Requires great credit, financial history, and a 20% down payment

USDA Rural Loan

  • Available in more rural areas
  • Requires low or no down payment
  • Aimed at buyers with steady and modest income

FHA Loan

  • Less strict credit requirements
  • Lower down payment options
  • Requires mortgage insurance and could have higher interest rates

VA Loan

  • Only available for active military or veterans
  • Little to no down payment with no mortgage insurance
  • Possible one-time funding fee

Lender Specialty Loans

  • Some banks, brokers, or lenders offer their own programs
  • Down payment or credit requirements can vary
  • Aimed towards first-time or lower income buyers

Shared Appreciation

  • Buyers get lower rates, but they must sacrifice equity if they sell their home
  • The lender makes their money when the buyer eventually sells and shares the profit
  • Targeted towards lower income buyers

NC Home Advantage Mortgage

  • State-funded program for first-time and move-up buyers
  • Offers up to 5% down payment assistance
  • Can be combined with other other government programs

Balloon Mortgage

  • Payments are based on a 30 year loan but are paid off in less time
  • At the end of the loan, the borrower must pay the lump sum or convert the loan
  • Often have lower interest rates or credit requirements

Finally, Calculate Your Mortgage

Now that you've learned all about interest rates and home loans, it's time to start crunching some numbers. Take a look at my mortgage calculator below to start estimating your monthly payments, and let me know if you have any questions!

Mortgage Calculator

Want to Learn More About Mortgages?

Whether you're a first-time buyer or an experienced investor, you can trust me to handle all of your mortgage needs. I'd be more than happy to answer your questions or even connect you with a local lender here in the Triangle, so just give me a call to get started! 

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