13 Jul

Why people are no longer using Zillow calculators when looking for homes

Trying to understand how much you can truly afford has gotten very complicated over the last few years. Knowing if what you are seeing online is accurate to your specific scenario and personal financial situation.

Most people are trying to do their own research online with the free tools that Zillow, Redfin and other big website offer, but how come when you find a house and start working with a lender your payment is not the same as what you have been seeing online?

These mortgage calculators are very simple and generic, and are not taking into consideration your personal requirements:

  • Accurate amount of taxes on the homes you are looking at
  • Mortgage Insurance and Hazard insurance amounts – There is not “one size fits all” for these figures and are specific to your scenario and financial situation.
  • Accurate interest rate that you will see at the closing table: Typically using the best available rate that less than 20% of buyers actually qualify for.

 

See below as an example using a $325,000 purchase price and 3% down payment:

     

*This is not a commitment to lend but used as an example for education purposes.

 

Purchasing a home is one of the largest transactions most people make in their lifetime. Make sure you are getting the right information from experts in this field.

In order to help first time home buyers we have created a “Simple Monthly Budget” template shown below. This will allow you to write down all of your current monthly expenses and future monthly expenses to get a better idea of what your finances will look like after signing the final documents on your new dream home!

 

Fill out the form below and we will send you a free download of the Simple Monthly budget planner below. This template is very easy to use and helps you feel more comfortable before purchasing a new home.





 

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