Why owning a home in New York (Albany, Saratoga, Capital Region) is for you!

Home Mortgage Information

What is a Mortgage?

A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home. Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture. Maple Tree Funding is here to assist you in selecting the perfect loan for you. Think of us as financial matchmakers as we have access to a wide variety of lenders and can get you the perfect mortgage to fit your needs.

Why Own?

There are many great reasons to own a home:

You’ll have a place that is yours! - You’ll own it, have a place to raise your children and become a part of your community. You can pass your home down to your children, and their children, creating security for generations to come.

You may pay less to own a home than you would to rent – and it’s yours at the end! - Homeownership can reduce the federal income taxes you pay. You can deduct the interest on your mortgage and property taxes you pay on your home on the tax returns you file each year. These tax savings partially reduce, or offset somewhat, the actual cost of owning your home.
Your monthly payments won’t ever go up if you choose a fixed-rate mortgage! - If you choose a mortgage with a fixed-interest rate (one that stays the same for the life of the loan, say 30 years), you'll pay the same mortgage payment each month for the entire 30 years of the loan. Maple Tree Funding will provide different scenarios for you to help you see what mortgage is best for you.

You build a good nest egg!! - Owning a home is the single greatest source of financial security and independence for the majority of people who’ve taken this step. You can have it, too! Stop renting! Start Investing!

How Much Can You Afford?

To get a quick idea of what you can afford to spend, multiply your annual gross income (before taxes) by 3. For example, if your annual household income is $50,000, you might be able to qualify for a $150,000 home. This is just a rough estimate - the actual number will vary based on factors such as your debt and credit history.

At Maple Tree Funding we will use the housing expense and debt-to-income ratios to more accurately determine how much you can afford to spend on your mortgage. We will chart out your payment schedule, your options, and provide you with the perfect mortgage scenario. Maple Tree will help you understand your expenses. We will work with you to help you get into the house of your dreams. Our friendly loan officers walk you through the process, making sure you feel comfortable with each decision.

Housing Expense Ratio

In some cases we recommend that your monthly mortgage payment should be less than or equal to a third of your monthly gross income. This percentage can change based on the type of mortgage you choose and sometimes the area in which you're looking to buy.

Debt-to-Income Ratio

You need to factor your other debts into determining an affordable monthly mortgage payment. Maple Tree looks at whether your total debt is larger than 40-50% of your monthly gross income. Remember, debt is not just credit cards and student loans. It can also include alimony, child support, car loans, and housing expenses. We will factor in your debt as well as provide easy steps to help increase your credit scores.

Refinancing

Down the road, you may want to consider refinancing, which can lower the interest rate and monthly payment on your mortgage or allow you to take money out of your home's equity. Let Maple Tree Funding help you find out what you need to do to get a lower monthly payment or refinance to pay for other family needs.