Mortgage Calculator

How much can you afford?

Our user-friendly mortgage calculator is just the beginning to give you an idea of what you might be able to afford. The steps below the calculator is to help you navigate the mortgage loan process seamlessly.

The information provided on this webpage is intended for general informational purposes only and should not be considered as financial or professional advice.

While we strive to ensure the accuracy of the information presented, mortgage rates, terms, and conditions may vary and are subject to change without notice. 

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The Loan Process:

Step 1: Assessing Your Financial Health 

Before diving into the mortgage journey, assess your financial situation. Use our mortgage calculator to estimate your affordability, considering factors like income, expenses, and credit score. You can request a copy of your score through one of the three major credit bureaus: Equifax®, Experian® or TransUnion®.

Step 2: Research Mortgage Types

Explore the various mortgage types available, such as fixed-rate, adjustable-rate, FHA, VA, and more. Understand the pros and cons of each to determine the best fit for your needs. A lender can help with your decision based on your needs. 

Step 3: Get Pre-Approved

Gain a competitive edge in the real estate market by getting pre-approved for a mortgage. This involves submitting financial documents to a lender who will assess your creditworthiness and provide a preliminary loan amount.

Step 4: Choose a Lender

Compare mortgage lenders based on interest rates, fees, and customer reviews. Select a lender that aligns with your financial goals and offers favorable terms.

Step 5: Submit a Loan Application

Once you've chosen a lender, complete the official loan application. Provide accurate information and be prepared to submit additional documents, such as pay stubs, tax returns, and bank statements.

Step 6: Loan Processing

Your lender will review your application and documentation during the processing phase. This may involve verifying your employment, appraising the property, and conducting a title search.

Step 7: Underwriting

Underwriting is a critical step where the lender assesses the risk of providing you with a mortgage. Be prepared for additional requests for information during this stage.

Step 8: Loan Approval

Upon successful underwriting, you'll receive a formal loan approval. Review the terms and conditions carefully, and address any outstanding conditions required by the lender.

Step 9: Closing

The closing process involves signing the final loan documents and paying closing costs. Your mortgage calculator can help estimate these costs in advance.

Step 10: Homeownership!

Congratulations, you've secured your mortgage and are ready to become a homeowner.

Enjoy the journey, and remember that RE/MAX Freedom is here to support you every step of the way.

Feel free to utilize our mortgage calculator regularly to stay informed about your loan and explore different scenarios as you progress through the mortgage process. Happy homeownership!

Note: It is crucial to note that the mortgage calculator on this page provides estimates based on certain assumptions and general market conditions. These estimates are not a guarantee of actual mortgage rates, loan amounts, or terms that you may qualify for.

For precise and personalized mortgage information, including accurate interest rates, loan terms, and eligibility criteria, it is strongly recommended to consult with a qualified mortgage lender.

Only a licensed mortgage professional can assess your unique financial situation, consider various factors, and provide you with a pre-approval letter, which is a crucial step in the homebuying process.

Additionally, lenders may have specific requirements and guidelines that could impact your mortgage application. Therefore, reaching out to a mortgage lender directly is essential to obtain the most up-to-date and accurate information tailored to your individual circumstances.

This disclaimer serves as a reminder that the use of our mortgage calculator is for informational purposes only and should not replace professional advice from a qualified mortgage lender. We encourage you to contact a mortgage professional to discuss your specific needs and goals before making any decisions related to mortgage financing.