Use Our Mortgage Calculator to Estimate Your Monthly Payments!

 

Quick Guide to Finding the Right Home Loan

There are many loan types and products to help you buy your new home.

Use our Mortgage calculator as a resource and get in touch to let an ERGO agent walk you through your options!

FHA LOANS

Calculating an FHA payment is tricky. It includes upfront mortgage insurance and an annual mortgage insurance premium that is paid monthly as part of your FHA payment. Our FHA loan calculator does the work for you. 

Many first-time homebuyers look to FHA for their home mortgage. The perks of FHA loans include lower down payment (only 3.5%) than traditional conventional loans, more lenient credit standards, and very competitive interest rates.

USDA LOANS

If you meet USDA requirements, finding a better mortgage option than a USDA loan will prove a challenge. USDA loans require no down payment, carry competitive interest rates, and will often result in a lower mortgage payment than a comparable FHA loan.

 

There are income and property restrictions, but if your purchase qualifies, USDA loans are a great option. Check the USDA website for more eligibility requirements.

VA LOANS

If you are a veteran or active service member, your VA home loan benefits permit you to purchase a new home without having to make a down payment. This is a considerable benefit that only our military and their spouses are afforded.

VA loans include a funding fee that impacts your monthly payment. Our VA loan calculator determines your funding fee and factors it into your VA loan amount, so the payment for which you are budgeting is accurate.

CONVENTIONAL LOANS

Conventional loans are just that: Conventional. They are typically traditional home loans issued by banks and mortgage lenders that meet certain requirements specified by Fannie Mae or Freddie Mac, two organizations created by Congress to accelerate homeownership.

Conventional loans are a great place to start. With strong credit and down payment resources, you may save thousands of dollars over the life of your loan when compared to other available loan options.

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