Mortgages remain widely available and at good rates. To calculate your proposed payment figure every $50,000 financed is about $309 a month. The more you put down, the less you finance and the lower your payment. Another way to lower your payment is to do a 40 year term. It won't have much of a payment affect unless you have a large loan amount. For example $200,000 at 6.25% on a 30 year fixed mortgage is about $1233 a month. The same loan amount on a 40 year term at 6.375% is about $1153 a month. So a 40 year term would save you about $80 a month in this example.
You should strive to put down 20% on a purchase if you can but you can put as little as 3% down or even get a grant for the down payment. Call us to apply today.
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