Mortgage Company Pineville, NC

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Cristin Savino

As a first time home buyer I was very nervous about the whole home buying process. Peter Pescatore and his team were very helpful, polite, and extremely professional throughout the entire process. And, best of all, they got me a better rate then I was hoping for! They made buying my first home completely stress-free. I highly recommend using Jet Direct for any of your home buying needs!

Cristin Savino

As a first time home buyer I was very nervous about the whole home buying process. Peter Pescatore and his team were very helpful, polite, and extremely professional throughout the entire process. And, best of all, they got me a better rate then I was hoping for! They made buying my first home completely stress-free. I highly recommend using Jet Direct for any of your home buying needs!
John Michael

Working with Pete, Jeff and Lauren was great. They helped me through the process and made it a great experience for us. I will recommend Jet to all our friends.

Rachel Nieves

What a pleasure it was working with Peter, Jeff and Lauren. They are very knowledge in their field. The explained every step of the way what was happening and what we were to expect. We must have emailed them a million times and they never were upset at us for doing so. Not only did we use them to get our mortgage, but they can help years later to modify your mortgage and try to bring down your rates. We could have never of sold and bought our new home without them. I highly recommend them.
Adam Gurley

Peter Pescatore and his team were all class acts. They made buying my home stress-free. I will be recommending them to everyone!

Elizabeth Munoz

It was a pleasure working with Jet Direct. All my questions were answered promptly. I will refer them to family and friends. Thank you to Jet Direct for making it a smooth process!
Rachel Klein

They made ma feel like family, they took me every step of the way . Thank you!

Margo Urquijo

Jet Direct was the best to work. We loved Enid so much. She was beyond helpful and made us feel so confident in the process. We will be recommending Enid and Jet Direct to any of our friends or family. So thankful for all you have done for my husband and I.
Vanessa Horowitz

Sal was a pleasure to work with. He was personable, patient and informative. I would highly recommend Sal.

Surimaribo24

Thank you jet mortgage Team. Enid -Michelle-Irene and the team are simply the best, with the speed and being on top of everything. they treat their clients like a king . dont look anywhere else if you're looking for a mortgage this is the one and last stop. they are PRO and will get you the best rates .words can't express how thankful we are. thank you for getting us into our first home.
Paul Teri

As first time home buyers, we were grateful to work with Sal Petrozzino! Not only is he personable, but he was always available to answer any questions we had along the way - didn't matter if it was nights or weekends. His guidance and expertise helped us to make the best possible decisions as we worked to close on our new home.

Mortgage Company in Pineville, NC 28134

Understanding Mortgage Calculations: A Leading Mecklenburg County Mortgage Company Explains What You Need to Know

Thinking about purchasing your first home? Looking into a refinance mortgage? Whatever your particular needs may be, if you’re looking for mortgage companies near me, you’ve come to the right place! Jet Direct Mortgage, a leading Mecklenburg County mortgage company, has helped countless residents throughout the Pineville, NC area finds the right financing options at the most affordable rates possible. When you work with a mortgage broker from our firm, you can have confidence knowing that you’ll be working with one of the most trusted mortgage companies in the region.

Whether you’re a first-time homebuyer or you already have a mortgage and you want to refinance, trying to figure out how much you can afford to spend can be complicated. It goes without saying that you don’t want to spend more than you can comfortably afford, otherwise you could end up in serious financial trouble down the line. So, how do you go about determining mortgage calculations? Below, we share some helpful insight that could help you determine how much you can comfortably afford to spend on one of your biggest expenses.

Calculating Mortgage Payments

When it comes to determining how much you can spend on a mortgage, you don’t want to just hope for the best; you want to make a sound financial decision. Calculating your mortgage can help you do just that. But how do mortgage calculations work? What factors are taken into consideration when determining the final number?

In order to estimate your monthly mortgage payment, you need to collect some information about the loan. Once you have that information, you can then use a free online mortgage calculator or crunch the numbers on your own. Here’s a breakdown of the information you’ll need:

The principal balance or the total amount of the loan. This includes the purchase price of the home, less the down payment; however, do note that some other charges may be added into this part of the equation (a reputable mortgage broker can help you determine if there are any additional charges that will affect your loan.)
The interest rate of the loan.
The term of the loan (the number of years you’ll have to repay it.)
The type of loan you’re taking out; a fixed-rate, adjustable-rate, or interest-only loan, for example.
The total market value of the property.
Your total monthly income.

Formula Used for Mortgage Calculations

Once you have the above-mentioned information, you can then calculate your loan. You can use the following formula to calculate your mortgage payment:

M = P [i(1 + i)^n] / [ (1+i)^n -1]

The variables that you can plug into the above equation are as follows:

M = the monthly payment for the mortgage
P = the principal amount of the loan
i = the monthly interest rate. Do note that interest rates are usually listed as annual figures, which means that you’ll have to divide the number by 12 (which represents 12 months of the year). As an example, if your interest rate were 6%, then your monthly interest rate would be as follows: 0.06/12= 0.005.
n = the total number of payments over the term of the loan, or the total amount of the loan. So, if you were to take out a 20-year fixed-rate loan, “n” in the above equation would equal “20”, or 20 years x 12 months for each of the 20 years of the loan, or a total of 240 payments.

Using this formula can help you determine how much you can afford to spend on a house. Remember, you don’t want to spend more than you can comfortably afford, otherwise you could end up in serious financial trouble down the road. Not a mathematician? Speak with a lender from a reputable mortgage company and they’ll help you crunch the numbers.

Why Mortgage Calculations are Important

It’s important to calculate your mortgage payment so that you can determine how much you’ll be spending on one of the biggest investments you’ll ever make: your home. Calculating your mortgage payment can also help you figure out other important factors, such as:

How long of a term is right for your needs. For example, while taking out a 30-year loan with a fixed interest rate over the life of the loan will make your monthly payments lower, you’ll pay more over the life of the loan, as the interest rates will be higher. On the other hand, if you were to take out a 20-year loan with a fixed interest rate, your monthly payments would be higher, but your interest rates would be lower.
Whether or not an adjustable-rate mortgage is right for you. With an adjustable-rate loan, the interest rate is lower in the beginning, but over time, the rate either increases or decreases. If you only plan on holding the mortgage for a few years, an adjustable-rate mortgage may be a good option for you.
How much you should put down on the property. Today, minimum down payments can be as low as 3%. However, while it might be tempting to put the least amount down, the lower the down payment, the higher your monthly mortgage payment will be. Calculating your mortgage payment can help you determine how much you should put down so you can get a monthly payment that you can comfortably afford.

For Help with Mortgage Calculations, Contact Jet Direct Mortgage Today!

Need further assistance calculating the mortgage payment on your first home? Want to find the best refinance mortgage rate today? Contact Jet Direct Mortgage, a leading Mecklenburg County mortgage company. Our team of experts will help you calculate and secure the most affordable mortgage for your needs. For more information or to schedule a consultation, give us a call at 855-553-4732 today. We look forward to hearing from you and helping you find the most affordable mortgage payment possible.

Understanding Mortgage Calculations: A Leading Mecklenburg County Mortgage Company Explains What You Need to Know

Calculating Mortgage Payments

The principal balance or the total amount of the loan. This includes the purchase price of the home, less the down payment; however, do note that some other charges may be added into this part of the equation (a reputable mortgage broker can help you determine if there are any additional charges that will affect your loan.)
The interest rate of the loan.
The term of the loan (the number of years you’ll have to repay it.)
The type of loan you’re taking out; a fixed-rate, adjustable-rate, or interest-only loan, for example.
The total market value of the property.
Your total monthly income.

Formula Used for Mortgage Calculations

Once you have the above-mentioned information, you can then calculate your loan. You can use the following formula to calculate your mortgage payment:

M = P [i(1 + i)^n] / [ (1+i)^n -1]

The variables that you can plug into the above equation are as follows:

M = the monthly payment for the mortgage
P = the principal amount of the loan
i = the monthly interest rate. Do note that interest rates are usually listed as annual figures, which means that you’ll have to divide the number by 12 (which represents 12 months of the year). As an example, if your interest rate were 6%, then your monthly interest rate would be as follows: 0.06/12= 0.005.
n = the total number of payments over the term of the loan, or the total amount of the loan. So, if you were to take out a 20-year fixed-rate loan, “n” in the above equation would equal “20”, or 20 years x 12 months for each of the 20 years of the loan, or a total of 240 payments.

Why Mortgage Calculations are Important

How long of a term is right for your needs. For example, while taking out a 30-year loan with a fixed interest rate over the life of the loan will make your monthly payments lower, you’ll pay more over the life of the loan, as the interest rates will be higher. On the other hand, if you were to take out a 20-year loan with a fixed interest rate, your monthly payments would be higher, but your interest rates would be lower.
Whether or not an adjustable-rate mortgage is right for you. With an adjustable-rate loan, the interest rate is lower in the beginning, but over time, the rate either increases or decreases. If you only plan on holding the mortgage for a few years, an adjustable-rate mortgage may be a good option for you.
How much you should put down on the property. Today, minimum down payments can be as low as 3%. However, while it might be tempting to put the least amount down, the lower the down payment, the higher your monthly mortgage payment will be. Calculating your mortgage payment can help you determine how much you should put down so you can get a monthly payment that you can comfortably afford.

For Help with Mortgage Calculations, Contact Jet Direct Mortgage Today!

Some information about Pineville, NC

Pineville is a suburban town in the southernmost portion of Mecklenburg County, North Carolina, United States, situated in the Waxhaws district between Charlotte and Fort Mill.

Pineville was changed forever when the initial segment of Interstate 485 opened to traffic. Although the one-mile (1.6 km) stretch connecting interchanges at NC Highway 51 and South Boulevard was designed to divert through traffic around Charlotte via a freeway loop, I-485 incidentally passed directly through Pineville.

In the years to follow, largely undeveloped land adjacent to Pineville’s two I-485 interchanges exploded into what is now the largest shopping district in North Carolina. With nearly 8,000,000 square feet (743,000 m²) of retail space, Pineville is home to the 1,100,000-square-foot (100,000 m²) Carolina Place Mall, at least two and many strip malls, outparcels and free-standing retailers.

Pineville has, historically, been a textbook example of urban sprawl. Because its growth was largely motivated by the introduction of a freeway to the area, the Pineville shopping district generally requires a motor vehicle for access. Despite 8,000,000 square feet (743,000 m²) of new retail space, the population of Pineville in 2000 (3,449), was barely greater than it was in 1990 (2,970). This was partly a consequence of Pineville’s geographic location. Sandwiched between Charlotte and the South Carolina state line, Pineville cannot expand its municipal boundaries. Substantial undeveloped land available prior to the introduction of I-485, was rapidly purchased by developers and approved for retail use nearly without exception, quickly sealing Pineville’s fate as a place that is known to many but home to few. This is an example of the criticism that sprawl causes excessive single-use zoning. The 2010 census, however, gave Pineville a population of 7,479-more than double the population it had in 2000-so the trend seems to be reversing.

Learn more about Pineville.

Useful links for Pineville, NC

Map of Pineville, NC

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