HomeFinanceMD Teaching Guide
New Mortgages
Go to Calculators and Rates
Common Questions About Getting a Loan
Start with some questions-->

Walk through steps 1 - 4 to tell us about the loan you are looking for.
 
Walk through steps 1 - 4 to tell us about the loan you are looking for.

  • 1
  • 2
  • 3
  • 4
<- prev | next ->

Price of house

A value is required.Invalid format.Minimum number of characters not met.Exceeded maximum number of characters.

<- prev | next ->

<- prev | next ->

Down payment

A value is required.Invalid format. Minimum number of characters not met.Exceeded maximum number of characters.

For the best rates, you need a 20% or more down payment.

Loans with down payments of < 20% include a cost for Private Mortgage Insurance (PMI).
- This is an additional fee in the mortgage rate.
- It will increase your mortgage rate by about 0.25%.
- The lender uses this to buy "insurance" on your continuing to pay your mortgage.

<- prev | next ->

<- prev | next ->

Tax bracket

Please select an item.

Interest paid on a mortgage is tax deductible, up to certain limits.
- Typically this includes the interest on up to a $1,000,000 in mortgages, plus there are other adjustments for people with larger income amounts.
- The interest is deducted from your income on your tax return.
- You save the taxes that you would have otherwise paid on that income.

<- prev | next ->

<- prev | next ->

You're done!

Now let's go to our Quick Start Guide and see what mortgages are available.

<- prev | next ->