Take the Mystery Out of Your Mortgage
Whether you’re buying your first home or your fifth, it’s natural to have questions about the mortgage process. There areseveral types of mortgages and programs available, and it’s important to be sure you get the best fit for your family. Use our helpful calculators to run various mortgage scenarios. See how a bigger or smaller down payment might affect your monthly payment. Compare different loan terms. Get a clear picture of all the variables that impact your mortgage payment. Beingprepared before you approach a lender can help you feel more comfortable and confident about your ultimate decision.
MORTGAGE CALCULATOR
Enter the price of your new home, the amount of your down payment, the loan term, and the interest rate. Our calculator will show you approximately how much your monthly payment will be.
TERMS TO KNOW
We know financials can get confusing. Use these terms to help enter the correct information into the mortgage calculator and find the estimated monthly payment of your future home.
Home Price
Enter the price of the home you want to buy. You can also enter the amount that you think you will offer.Down Payment
Most home loans require a down payment of at least 3%. A higher down payment will lower your monthly payment.Interest Rate
This is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.Home Insurance
Home insurance or homeowners insurance is typically required by lenders. It covers damages to your home and personal assets.Property Tax
This is typically based on the home’s value and location.Loan Term
Your term is the length of time you choose to pay off your loan.Principal & Interest
Principal is the original amount of your loan and interest is the amount charged by the lender for lending you the loan.PMI: Private Mortgage Insurance
This type of insurance is added to your monthly expense and protects the lender if you stop making payments on your loan.Taxes (Left)
This is your predicted taxes for the year based on your home’s location.Taxes (Right)
Your taxes for divided by each month and that will be included in your estimated total payment.HOA Dues
Homeowner’s Association Fee are paid by homeowners to maintain and improve properties in the community.AFFORDABILITY CALCULATOR
How much home can you comfortably afford? Enter your annual income, down payment, and monthly debts to see an estimate of the mortgage that works with your budget.
TERMS TO KNOW
We know financials can get confusing. Use these terms to help enter the correct information into the affordability calculator and find out what would be a reasonable monthly payment and purchase price for your new home.
Annual Income
Enter you and/or co-borrower’s annual income before taxes.Monthly Debts
Enter the monthly amount you pay for debts like car payments or student loans. Do not include rent or mortgage payments or credit cards that you pay in full.Down Payment
Most home loans require a down payment of at least 3.5%. A higher down payment can lower your monthly payment and increase your affordability.Debt-to-Income
Typically, your DTI should be 36% or lower to qualify for a mortgage. Certain loans allow for higher DTI’s. The DTI is calculated by dividing your monthly income by your monthly recurring expenses (i.e. car payment, student loans, etc divided by your monthly gross income).Interest Rate
This is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score, debt to income ratio, and down payment.Loan Term
Your term is the length of time you choose to pay off your loan. Most borrowers finance their home for 30 year.Property Tax
This is based on the home’s value and location.Home Insurance
Home insurance or homeowner’s insurance is required if you are financing your home. It covers damages to your home and personal assets.HOA Dues
Homeowner’s Association Fees are paid by the homeowners to maintain and improve properties in the community.RENT VS BUY CALCULATOR
Which is the better option for you and your family – renting or buying a home? Use our calculator to get all the details and make an informed comparison.
TERMS TO KNOW
We know financials can get confusing. Use these terms to help enter the correct information into the Rent v. Buy Calculator and compare the difference in renting a home and becoming a homeowner.
Mortgage and Home Expenses
Down Payment and Closing Costs
FOR OUR MCALLEN, MISSION, EDINBURG, AND PHARR/SAN JUAN COMMUNITIES
PREFERRED LENDER: Stonewood Home Lending, Inc.
Local. Experienced. Convenient.
Whether you’re buying your first home or your fifth, it’s natural to have questions about the mortgage process. There are several types of mortgages and programs available, and it’s important to be sure you get the best fit for your family. Use our helpful calculators to run various mortgage scenarios. See how a bigger or smaller down payment might affect your monthly payment. Compare different loan terms. Get a clear picture of all the variables that impact your mortgage payment. Being prepared before you approach a lender can help you feel more comfortable and confident about your ultimate decision.
Looking for an Esperanza Home in Tres Lagos, Villas on Freddy, Bentsen Palm, Soñador Coves, Campo de Sueños, Silo at La Sienna, or Sioux Coves? Better yet – are you a current resident? Get connected right away with our Stonewood Contact for our McAllen, Mission, Edinburg, and Pharr/San Juan Communities.
For Our Brownsville Communities
PREFERRED LENDER: Come Dream. Come Build.
Come Dream. Come Build. Lending for All.
With 25 years of lending experience, cdcb is a local lender individuals and families in the Rio Grande Valley trust. Out of many loan options available, we are committed to helping clients find the perfect mortgage product for their needs. cdcb offers In-house mortgage underwriting, which makes for a personalized, fast, and easy process. Our team is ready to work closely with you and assist you every step of the way. Down payment assistance is available for those who qualify.
We’re here to make things easy for you. If you are currently a resident or looking to be a resident of Palo Alto Groves by Esperanza Homes, we can get you prequalified in no time.
For Build on Your Lot Homes
PREFERRED LENDER: Stonewood Home Lending, Inc.
Local. Experienced. Convenient.
Whether you’re buying your first home or your fifth, it’s natural to have questions about the mortgage process. There are several types of mortgages and programs available, and it’s important to be sure you get the best fit for your family. Use our helpful calculators to run various mortgage scenarios. See how a bigger or smaller down payment might affect your monthly payment. Compare different loan terms. Get a clear picture of all the variables that impact your mortgage payment. Being prepared before you approach a lender can help you feel more comfortable and confident about your ultimate decision.
If you are looking to build your home through Esperanza's Build on Your Lot Program - you've come to the right place!
