Rilian Ball

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What Percentage of Your Income Should Go Toward a Mortgage?

April 29, 2025 by Rilian Ball

When buying a home, one of the most critical financial decisions is determining how much of your income should go toward your mortgage. Striking the right balance ensures that you can comfortably afford your home without stretching your budget too thin. Lenders use various guidelines to help buyers determine affordability, but personal financial goals and lifestyle should also factor into the decision.General Mortgage Affordability GuidelinesA common rule of thumb is the 28/36 rule, which … [Read more...]

Filed Under: Mortgage Tips Tagged With: DTI, Mortgage Payments, Mortgages

Understanding Mortgage Payments and How to Calculate Them

March 5, 2025 by Rilian Ball

Knowing how to calculate mortgage payments can help you plan for homeownership and budget effectively. Several factors determine your monthly payment, including the loan amount, interest rate, and loan term. Here’s a step-by-step guide to understanding the process. Key Factors in Mortgage Payment Calculation Loan Amount – This is the total amount borrowed after the down payment. For example, if you’re purchasing a $300,000 home with a 20 percent down payment ($60,000), your … [Read more...]

Filed Under: Mortagage Tips Tagged With: Home Buying, Mortgage Payments, Mortgage Tips

Why It’s Important to have a Mortgage Pre-approval Letter and How to Get One

February 15, 2024 by Rilian Ball

If you are thinking about buying a new home shortly, you may already be searching online to get a feel for the different types of homes available in the local area. You may have reviewed your budget, and you may have a fair idea about a sales price that is comfortable for you to afford. While you may feel as though you have taken the preliminary steps necessary to prepare yourself to buy a home, it is important that you also get a mortgage pre-approval letter for your financing before you start … [Read more...]

Filed Under: Mortgage Application Tagged With: Mortgage, Mortgage Approval, Mortgage Payments

How to Calculate Mortgage Payments

June 23, 2023 by Rilian Ball

Calculating mortgage payments involves several variables, including the loan amount, the interest rate, and the loan term. Here are the steps to calculate mortgage payments: Determine the loan amount: This is the amount you will borrow to purchase the property. For example, if you plan to buy a house for $300,000 and you plan to put down a 20% down payment ($60,000), your loan amount will be $240,000. Determine the interest rate: The interest rate is the cost of borrowing the money. It is … [Read more...]

Filed Under: Mortgage Tagged With: Mortgage, Mortgage Payments

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Rilian Ball


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NMLS # 202687

Call: (559) 697-5322
info@firstcg.com

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Recent Articles

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Rilian Ball
NMLS # 202687

Company NMLS: 35960
www.nmlsconsumeraccess.org

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