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

Enter the price of the home you want to buy. You can also enter the amount that you think you will offer.

This is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.

Your term is the length of time you choose to pay off your loan.

This is the amount you agree to pay to the lender.

This is based on the home’s value and location.

Home insurance or homeowners insurance is typically required by lenders. It covers damages to your home and personal assets.

Homeowner’s Association Fee are paid by homeowners to maintain and improve properties in the community.

Down Payment and Closing Costs

This is the amount you pay to the landowner per month for rent.

The profit made on an investments after the amount due for taxes.

The percentage of your income that is taken and remitted to the government.

Every year, there is a predicted percentage amount in the increase of prices.

The amount your potential home is to increase in value over time.

Cornerstone® Home Lending:
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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.

For Our McAllen, Mission, and Edinburg Communities:

Looking for an Esperanza Home in Tres Lagos, Villas on Freddy, Bentsen Palm, or Soñador Trails? Better yet – are you a current resident? Get connected right away with our Cornerstone Contact for our McAllen, Mission, and Edinburg Communities.

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For Our Brownsville Communities:

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.

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For Build on Your Lot Homes:

If you are looking to build your home through Esperanza's Build on Your Lot Program - you've come to the right place!

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HOME LOAN PROGRAMS

Conventional Loans

Conventional loans are not backed by the government. Learn more about our conventional loan options.

FHA Loans

An FHA loan is a government-backed loan insured by the Federal Housing Administration.

Refinance

Know your options for paying off your mortgage. See if refinancing makes sense for you.

Renovation Loans

Whether it’s a fixer upper or a home you’ve lived in for years, a renovation loan may be just what you need.

VA Loans

We’re proud to serve those who serve our country. Learn more about our VA Loan options for Veterans.

Down Payment Assistance

Looking for a little assistance with your down payment? Check out the various Down Payment Assistance Programs available.