December 22nd, 2011 9:31 PM

For every $1,000 you borrow equals $4.72. So, on a $100,000 loan, your principle and interest (P&I) payment would be $472.24 per month. Want to spend $200,000? Your P&I would be $944.48.

Keep in mind that you would need to add taxes, insurance, mortgage insurance, and various other items to this amount, based on type of mortgage you chose (i.e.-VA, FHA, Conventional, etc).

The Annual Percentage Rate (APR) will vary, depending on closing costs. A loan officer will prepare a Truth in Lending Good Faith Estimate, which denotes the interest rate and APR.

Don't wait for rates to go up and prices to follow. Real estate prices are directly impacted by supply and demand. Get a jump on the competition!! Buy low and finance at a low rate!

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