This mortgage calculator can be used to give you an estimate on your 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 estimates in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. It also will factor in the town property taxes, and their effect on the total monthly mortgage payment.
As you may know, a great deal of paperwork is required to obtain a mortgage. In an effort to help you stay organized, we've put together a checklist of the documents you'll be required to present throughout the process. Please see the guidelines below to get a feel for the type of information you will need to provide as we work to establish your loan.
Most recent 30 days of pay stubs from all jobs
Most recent 2 months of bank statements
Most recent 2 years of W-2s from all jobs
Most recent 2 years of Federal Tax Returns if you file a schedule C, E or F or claim employee business expenses
Copies of state issued picture ID
Bankruptcy discharge papers & copy of Bankruptcy Petition with all schedules if discharged in last 7 years
Foreclosure documentation (Sheriff Sale Deed)
Divorce decree if ongoing financial obligation or property award is involved
Copy of all child support orders
Social Security award letter
Income Award letters (social security, pension, VA disability)
Current 401k, IRA or investment account statement
Copy of DD214 if discharged from the military within the last two years.
Copy of LES if using military pay to qualify
Proof of any additional military/VA pay
Documents must be submitted in their entirety
We always need consecutive documents
If you have received a financial gift to help with your down payment, the donor will need to fill out a gift letter and provide a bank statement to verify they have sufficient funding
Preferred Method of delivery is emailed PDF, but fax, mail, and, hand delivery methods are also acceptable. Additional documentation may be required.
Private Mortgage Insurance is an insurance policy that a mortgage holder buys on behalf of the lender, protecting the lender in the event of default on the loan. Most lenders require their borrowers to purchase PMI if the loan-to-value ratio is more than 80%. Generally speaking, annual premiums are equal to 0.5% of the value of the loan at the time it is borrowed. When the loan-to-value ratio falls below 78%, most lenders are required to inform homeowners that they may cancel their PMI insurance. Some borrowers avoid PMI by taking out a piggyback mortgage, that is, a second mortgage allowing a combined loan to value up to 100% financing when the first loan is 80% and the second 20% is the piggyback.