Mortgage Information

If you're like most buyers, a home is the most expensive purchase you'll ever make, and you'll probably need some form of financing. There are many lending institutions that offer a variety of mortgage products. Financing options and rates can vary widely, so it is important to do your research and shop around to ensure you get the mortgage that best meets your needs at the best price.

It is also recommended that you consider getting preapproved prior to placing an offer on a property.  In the preapproval process a loan applicaton is submitted to the lender and your information will be verified.  A preapproval with a lender will indicated to sellers that you are financially able to secure a mortgage and buy the property.  Don't confuse preappoval with prequalification!  Prequalification is simply an estimate of what you are able to borrow based upon your credit score and preliminary information you provide the lender.

As part of our concierge services, we can assist you with your mortgage search by providing some recommendations for leading financial providers in the Bergen County area.  They will be able to assist you with information on types of mortgage loans available, current prevailing interest rates, and providing mortgage prequalification or preapproval  to aid in your search for your new dream home.

Use the mortgage calculators below to assist you in making some decisions around financing your new home. 

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.

Balloon Payment Calculator

This calculator will help you determine what your mortgage payments will be over the short term period of the loan. Unlike traditional 30 year fixed term mortgages, balloon loans to not fully amortize over the term of the loan. At the end of the fixed term there is a balance due on the loan which usually can be refinanced depending on the terms of the loan. There may also be conversion features provided by the lending institution as part of the original balloon mortgage.