Phone:  336-454-3134
Cell:  336-471-2923

Financing Your Home

As you go through the process of securing financing for your new home, your first questions may be, "How much is my mortgage payment?" and "What is the best type of loan to meet my needs?" The amount of your payment will vary according to the amount of money you borrow, the interest rate, and the term of the loan.

Another factor that determines your mortgage payment is the amount of up-front cash you pay toward the purchase of your home, commonly called the "down payment." This is the difference between your sales price and your loan amount. The down payment reduces the loan amount, and the lower the loan amount, the lower your monthly payments will be. Although down payments vary greatly from loan program to loan program, your mortgage lender can help customize a specific mortgage loan to meet your individual needs.

Other items are usually included in your monthly payment, and they are commonly referred to as "escrow" payments or "impounds." They may include such items as hazard (fire and other casualty) insurance, real estate taxes, and mortgage insurance. Also be aware that members of homeowner associations may have to pay an additional monthly Homeowner's Association fee. These fees are usually not included in your monthly payment. Your Loan Representative will be able to estimate the amount of these payments for you.

Feel free to use the mortgage calculator provided below to estimate of what your monthly payments would be based on the price of the home you are considering. Your J Douglas Homes Sales Counselor is ready to answer any financing questions you may have. We also maintain a list of preferred lenders. Please ask your sales counselor for more details.