Calculation method of American housing loan

Many people will choose to buy a house in the United States, so what are the calculation methods of the loan for buying a house in the United States? This is a question that many people are interested in. Let's take a look with the overseas immigration network! The following is the relevant information I have compiled. Welcome to reading.

Calculation method of American housing loan

At present, Zillow's applications in the App Store include real estate of iPhone and iPad, Zillow Rentals of iPhone and Zillow Mortgage Marketplace of iPhone. Now, a new application has been added to Zillow's App Store application, namely mortgage calculator &; Mortgage interest rate (mortgage interest rate calculator)

First of all, the mortgage interest rate calculator provides interactive calculation and dynamic icons. These functions allow users to determine the range they can afford and the specific monthly mortgage repayment amount. Whether it is necessary to refinance is a recommended option.

Secondly, the application also has a very easy-to-use user interface, which supports anonymous login and loan market comparison. In order to help users choose the most suitable lender quotation, the mortgage interest rate calculator allows users to conveniently browse the lender information submitted by thousands of customers.

In addition, the mortgage interest rate calculator also provides the function of "obtaining pre-approval", through which users can directly see the preferred lenders provided by Zillow, and these preferred lenders have the ability to pre-approve users' loans, which greatly facilitates users.

American housing loan calculation tool; House price: 200,000 USD, please fill in the total price of the house you purchased, and the down payment ratio is 30%. Please fill in the percentage of the down payment you are prepared to pay. American lending institutions usually require overseas investors to pay at least 30% down payment.

Mortgage interest rate: 5.5% Your mortgage interest rate is determined by your lending institution and usually depends on your down payment ratio and your personal credit. At present, overseas investors can usually get a mortgage interest rate of 4%~9%.

Mortgage term: 30 years. In the United States, the mortgage term is usually 15 or 30 years. Most Americans will lock in a 30-year loan term when the mortgage interest rate is low. For overseas investors, the choice of loan term varies according to their monthly affordability and housing use.

Local tax rate: 1.4%. The local tax in the United States is paid every year, and the local tax rate of each state, county and city is different. But it is usually between 1. 1%- 1.5% of your house purchase price. Your broker is obliged to provide you with comprehensive information in this regard.