Utah mortgage loans is committed to helping you find the right mortgage product for your needs in North Logan. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
1. Complete our short form below
2. We will search hundreds of mortgage lenders and thousands of loan programs in our database
3. You will then receive quotes from up to 4 competitive lenders in your state
4. You choose the mortgage lender with the best rate and loan terms and save money!
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Our fast Mortgage application will help you find the perfect lender. It takes only one minute
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
The Federal Reserve continues to raise short-term interest
rates, but long-term mortgage rates are still at 40-year lows.
This may be one of your last opportunities to lock in great
interest rates below 6%. So, we put together a brief checklist
for you to follow in order to make sure that the process goes
smoothly for you.
First, it is a good idea to check your credit report to make
sure there will be no surprises when your lender takes a look at
it. You can get a free copy of your credit report and credit
score at http://www.trimyourdebt.com/GetYourCreditScore.aspx.
Remember a score above 700 usually means you will get the best
interest rates. Usually a rate below 680 is considered to be of
higher risk and so the lender requires a higher interest rate to
mitigate the increased risk of loss.
If you find any incorrect information in your credit report, be
sure to get it cleaned up before applying. Cleaning up negative
items from your credit will also ensure that you get a better
credit score. For information on how to get your credit cleaned
up before you get that new mortgage, visit
http://www.trimyourdebt.com/CreditRepairGuide.aspx.
Next, list out all of the debts reported on your credit report
and add up all of the monthly payments. Also include what your
payment would be with your new mortgage. In order to estimate
your monthly payment with a mortgage interest rate of 6%, you
can use $6 per thousand dollars of mortgage. So for example, if
you need a $150,000 mortgage, then multiply 6 times 150, which
equals $900 per month. Add this payment to the other monthly
debts listed on your credit report and this will be your total
debts.
Now take out your most recent paycheck stubs to do a
debt-to-income calculation. The calculation is done by taking
the total debts from above and dividing this number by your
gross monthly income. The ratio should be less than 38%. If your
ratio is too high, then you need to do your best to start paying
down your debts. The quickest way to do this is to follow the
debt plan that is available at
http://www.trimyourdebt.com/welcome_budget_short.aspx.
The final item that you will need to provide to your lender is
documentation that shows your assets such as bank account
statements, 401(k) statements, any cash value of life insurance,
etc. Your lender wants to see where your down payment will be
coming from.
You are now ready to check for the best rates and start looking
for a lender. To get free rate quotes with no obligation and no
credit check, feel free to visit us at
http://www.trimyourdebt.com/MortgagePlanner.aspx.
About the author:
D Blackhurst is a writer for TrimYourDebt.com
(http://www.TrimYourDebt.com), which provides free budgeting
tools, debt planning, and credit help.