{"id":471,"date":"2015-12-29T08:55:45","date_gmt":"2015-12-29T16:55:45","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=471"},"modified":"2015-12-28T10:00:37","modified_gmt":"2015-12-28T18:00:37","slug":"how-to-avoid-these-4-mortgage-calculation-mistakes","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2015\/12\/how-to-avoid-these-4-mortgage-calculation-mistakes\/","title":{"rendered":"How to Avoid These 4 Mortgage Calculation Mistakes"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s difficult to buy that home for sale in Portland, OR, without taking out a mortgage. After all, not many of us have hundreds of thousands of dollars in cash sitting around just waiting to be spent. With the median price of homes in America resting right under $200,000, a home loan is the only option for most of us who want to own.<br \/>\nWhen we\u2019re talking numbers like this, it\u2019s no surprise that a mistake when trying to figure out how much house you can afford \u2014 and how high a monthly mortgage payment you can handle \u2014 can cost you big time. From failing to comparison-shop to forgetting about extra costs, it\u2019s important to avoid these four mortgage calculation mistakes when buying your new home.<\/p>\n<p style=\"text-align: justify;\"><strong>Not knowing your credit score<\/strong><br \/>\nNot understanding your credit score is a big mortgage calculation mistake, because your credit score impacts the interest rate you\u2019re likely to receive on your loan. And that interest rate can mean a difference of tens of thousands of dollars saved or spent over the life of your mortgage.<br \/>\nIt\u2019s tempting to give yourself a great interest rate when using mortgage calculators to estimate your monthly payment. But you may not be able to secure a 4% rate if your credit score is poor \u2014 which would mean your estimate could be very different from your reality.<br \/>\nKnow your credit score and understand whether it\u2019s good (and therefore likely to help you get a lower interest rate) or not. If your score is poor, take a step back from the home-buying process and work to raise your numbers first. Doing so can save you serious cash over the long run.<\/p>\n<p style=\"text-align: justify;\"><strong>Failing to comparison-shop<\/strong><br \/>\nAnother mortgage calculation mistake tied to your interest rate? Forgetting to comparison-shop for the right lender. Not all lenders will give you the same terms on a loan. It\u2019s worth the effort to find out if you could secure a better interest rate with one lender over another.<br \/>\nBefore deciding on one institution to work with for your mortgage, ask for quotes from a number of different banks and lenders. Plan to ask for quotes from each within the same week. If you gather a number of quotes within a 14-day window, they\u2019ll all count as one inquiry on your credit score.<\/p>\n<p style=\"text-align: justify;\"><strong>Failing to account for all costs<\/strong><br \/>\nWhile mortgage calculators can be really helpful and show you lots of useful information, they\u2019re only as good as the numbers you plug into them. A calculator designed to show you your monthly mortgage payment will provide you with an estimate of how the loan\u2019s principal and interest breakdown on a monthly basis \u2014 but it can\u2019t show you what your properties taxes will be, and it may not take into account your specific homeowner\u2019s insurance policy.<br \/>\nForgetting to factor in these additional costs, along with all the other expenses associated with homeownership, can add up to a big calculation mistake on how much you\u2019ll owe each month.<\/p>\n<p style=\"text-align: justify;\"><strong>Not learning about the whole process ahead of time<\/strong><br \/>\nDid any of the above sound foreign to you? If so, it\u2019s time to head back to the drawing board and focus on education first. To be a savvy consumer who makes the most of their money and avoids costly mistakes, it\u2019s important that you understand the mortgage process from start to finish.<br \/>\nStart by reading up on the mortgage industry. Create a list of questions that you need more details about and take them to a trusted professional. You can talk with a real estate agent, attorney, or better yet, a fee-only financial planner. Look for someone who can work as your fiduciary to get your financial questions answered.<br \/>\nTaking the time to inform yourself first is the best investment you can make in this entire process.<\/p>\n<p><a href=\"http:\/\/www.msn.com\/en-us\/money\/realestate\/how-to-avoid-these-4-mortgage-calculation-mistakes\/ar-BBnOUcB\" target=\"_blank\">How to Avoid These 4 Mortgage Calculation Mistakes<\/a> by Kali Hawlk | MSN Real Estate<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s difficult to buy that home for sale in Portland, OR, without taking out a mortgage. After all, not many of us have hundreds of thousands of dollars in cash &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/how-to-avoid-these-4-mortgage-calculation-mistakes\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-471","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to Avoid These 4 Mortgage Calculation Mistakes &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2015\/12\/how-to-avoid-these-4-mortgage-calculation-mistakes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"How to Avoid These 4 Mortgage Calculation Mistakes &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It\u2019s difficult to buy that home for sale in Portland, OR, without taking out a mortgage. 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