Mortgage Assistance

Mortgage
Assitance

As with any major financial undertaking, understanding all of your options allows you, the consumer, to obtain the most cost-effective terms and products that meet your financial goals and circumstances. Look to the mortgage banker below to help you find mortgage financing that works for you.

What is a mortgage? A mortgage is, simply, a loan used to buy real estate that is secured by the property it is used to purchase. A mortgage has monthly payments and there is always a set term, often 15, 20, or 30 years. Some mortgages have fixed interest rates, while others have variable interest rates.

Financing REO/Bank Owned Homes

Purchasing a property in need of repairs requires the right kind of mortgage. The mortgage bankers below can help you identify a mortgage suitable to acquire and renovate a property in need of repairs or updating.

Our Mortgage Partner

Prime Lending

Daniel Reid, Loan Officer - NMLSR #429695
Direct: (845) 476-3245
Mobile: (845) 926-7079

Start Pre-qualification

Know Your Mortgage Payment

Based on the home's sale price, the term of the loan, buyer's down payment percentage, and the loan's interest rate, this calculator can help estimate what you'll need to pay out monthly for your new home. This calculator factors in PMI (Private Mortgage Insurance) for loans with less than a 20% down payment, as well as town property taxes and its effect on the total monthly mortgage payment.

Buying a home is a big step! Whether you're buying your first home, your dream home, or your tenth investment property, yours will be a big investment. We know how important this is to you and we have an army of experts to make sure we find the perfect property for your unique circumstances. Finding the perfect property is just one way we can help you with your real estate purchase.

In order to determine the amount of home you can afford a lender will use your debt-to-income ratio to determine the percentage of your pre-tax income you spend on debt. Your debt ratio will include: monthly housing costs, car payments, credit cards, student loans, and any other installment debt. If you take on more debt before buying a home it will have an impact on the amount of the loan that the lender will finance.

Definitions

Mortgage Amount

Original or expected balance for your mortgage.

Interest Rate

Annual interest rate for this mortgage.

Term in Years

The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.

Monthly Payments

Monthly principal and interest payment (PI).

Total Payments

Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of the principal.

Total Interest

Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of the principal.

Prepayment Amount

Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.

Start with Payment

This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to the received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number ZERO, the prepayment is assumed to happen before the first payment of the loan.

Savings

Total amount of interest you will save by prepaying your mortgage.