Gail Perry & Associates can provide information on what you will need and how to apply for your mortgage. To request mortgage information, click here.

How do I know how much home I can afford?

Generally speaking, you can purchase a home with a value of two to three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value.

Mortgage Calculator

What does my mortgage payment include?

For most homeowners, the monthly mortgage payment will include:

  • Principal, which is credited directly to the loan.
  • Interest, which is payment to the lender for the amount borrowed.
  • Taxes & Insurance, which is optional, and will be held in an escrow account to be paid by the mortgage company directly to the City and/or County Tax Assessor and your property insurance company.

How do I know which type of mortgage is best for me?

No simple formula is available to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Your Gail Perry & Associates Broker along with your mortgage lender of choice can help you evaluate your choices.

How much cash will I need to purchase a home?

The amount of cash depends on a number of items. Generally, you will need to supply:

  • Earnest Money: The deposit that is supplied when you make an offer on the house.
  • Down Payment: A percentage of the cost of the home that is due at settlement.
  • Closing Costs: Costs associated with the closing and processing of paperwork, and various up-front costs associated with a home inspection, termite and radon inspection, appraisal, and survey.

Allow Gail Perry & Associates to assist you in navigating the mortgage process.