Simple. Transparent. Competitive.
The Mortgage Process
The Blueprint
How The Process Works
01
Documentation
There are a few critical documents we will need to verify to start your process.
02
Appraisal
The appraisal ensures the home you are buying is worth the price that is being offered.
03
Initial Underwriting
The Underwriter will verify that all information is accurate and authentic.
04
Conditional Approval
Conditional Approval is granted when the Underwriter approves the loan under certain conditions.
05
Clear To Close
The Underwriter verifies that all documentation has been provided and all conditions have been met.
06
Closing
Signing the final documentation and receiving the keys to your new home!
Rent vs Buy
Does renting or buying a home make more sense? Check out what is best for you by using our Rent vs Buy Calculator...
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
Buying is cheaper than renting after If you buy a house, after 3 years it will cost you $58 more per month and $5000 more in total than if you had rented. But you will own in equity of your home with an appreciated value of . If you buy a house, after 3 years you will have saved $58 per month and $5000 in total than if you had rented. You will also own in equity of your home with an appreciated value of .
Buying will never be cheaper than renting
Home equity after
1 year years
TOTAL COST YEARS
Costs over
Monthly Cost (after ) Yearly Cost (after ) Total Cost (after )
Rent
Buy
Difference
$0
$0
$0
Rent
Buy
Difference
$3,019
$92,453
$89,434
Rent
Buy
Difference
$3,019
$92,453
$89,434
Estimated Costs
These costs are estimated based on the information under the advanced section. You may adjust these values to suit your particular situation in order to get a more accurate estimate.
Monthly mortgage payments
$
Homeowner's insurance
$
Private Mortgage Insurance
$
HOA dues
$
Property tax
$
Home repairs
$
Renovations
$
Closing costs
$
Yearly rent increase
%
Rental insurance
$
How We Calculate the Costs
Calculating the Cost of Renting The cost of renting is relatively straightforward to calculate. It primarily includes your monthly rent payments and a few additional expenses:
- Monthly rent payments
- Security deposit (typically equal to one month's rent)
- Renters insurance (annual premium)
- Down payment
- Closing costs (typically 2-5% of the home's value)
- Monthly mortgage payments (principal and interest)
- Property taxes
- Homeowners insurance
- Private Mortgage Insurance (PMI) if applicable
- HOA fees (if applicable)
- Maintenance and repairs
- Home improvements and renovations
- Annual home appreciation rate: %
- Annual rent increase: %
- Renters insurance: $ per year
- Home maintenance and repairs: % of home value per year
- Home improvements and renovations: % of home value per year
- Selling costs when you sell the home: % of home value
Helpful Tools
Check out our other mortgage calculators
Access our top-rated mortgage calculators to expertly assess your financing options, compare various loan types, and make informed decisions for your home buying journey.
General Mortgage Payment Calculator
See what your monthly payment could be with our general repayment mortgage calculator.
Affordability Calculator
Assess how much home you can afford based on your income, expenses, and desired down payment.
Early Payoff Calculator
See how making extra payments can help you pay off your mortgage faster and save on interest.
Rent vs Buy Calculator
Compare the costs of renting versus buying a home to determine the best financial decision for your situation.
Seller Net Profit Calculator
See how much you could make from your home sale with our Seller Net Profit Calculator.
Rate Buydown Calculator
Check out how much you can save with a seller-paid rate buydown.
HELOC Calculator
Estimate your credit limit and monthly payments with our HELOC Calculator!
Mortgage Comparison Calculator
Compare different mortgage options side by side to find the best fit for your financial needs.
Refinance Comparison Calculator
Evaluate the potential savings and costs associated with refinancing your existing mortgage.
DSCR Investor Calculator
See what your investor ratio is with our DSCR calculator.
Adjustable Rate Mortgage Calculator
Determine your potential monthly payments and interest costs for an adjustable-rate mortgage over time.
VA Calculator
Estimate your monthly payments and total costs for a loan backed by the Department of Veterans Affairs.
Jumbo Calculator
Calculate your monthly payments and total costs for a jumbo mortgage that exceeds conforming loan limits.
FHA Calculator
Determine your potential monthly payments and total costs for a Federal Housing Administration loan.
Conventional Calculator
See the monthly payment and total cost for a conventional mortgage loan.
USDA Calculator
Calculate the costs and monthly payments associated with a USDA Rural Development loan.
203k Renovation Calculator
Analyze your debt service coverage ratio to evaluate the profitability of an investment property.
Ready to learn more?
Learn about the various loan programs we offer.
Learn about the next step in the mortgage process.
