Financing and Mortgage Calculator
For your convenience, Front Door provides information and a mortgage calculator to assist you in estimating the monthly payments associated with any loan secured to purchase your Smith Mountain Lake home or lot.
To use the calculator below, simply enter the information into each of the fields and click the calculate button. The results will automatically pop up. Include any escrow money deposit you made in your purchase contract in the down payment amount planned. For PMI, enter the ANNUAL estimated amount or start with 0.75% of the mortgage amount. For taxes, enter the ANNUAL amount, which depends on the tax assessed value of the property as well as the tax rate that corresponds to the county in which the property is located. See tax rates for the counties that border Smith Mountain Lake below. For insurance, enter the ANNUAL estimate for home owner’s insurance policy as provided by your insurance agent. If you plan to rent your property on a short term basis, rates may be higher than if your home is strictly intended for your own use. In addition, some waterfront properties where the home structure lies below the 802.7 elevation contour may require flood insurance. If the property has an HOA, enter the ANNUAL amount as specified in the listing for the property.
A few Pointers
Mortgage Loan Types, Down Payments, and Interest Rates
Your minimum down payment depends on the type of mortgage, the lender and your finances. There are many types of mortgage loans. The type that fits best for your situation depends on your situation as each has different benefits. FHA Loans, for example, are backed by the Federal Housing Administration and they require as little as 3.5% down. VA loans are available to current and veteran military service members and are backed by the US Dept. of Veterans Affairs, usually do not require any down payment. Conventional mortgages, such as the Fannie Mae HomeReady and Freddie Mac Home Possible mortgages require as little as 3% down. Another consideration with conventional mortgages, is that Private Mortgage Insurance (PMI) is required so long as the outstanding balance is greater than 80%. PMI is roughly between 0.5 & 1% of the mortgage amount per year.
The down payment requirement and the interest rate that you may obtain also vary by lender and your credit history. Another important factor is whether you are financing a primary residence or a second home. If you are purchasing a second home, plan on needing a larger down payment, typically 10% for a conventional mortgage.
There are so many factors and considerations and so it is critical to work with an experienced and highly trained loan officer. Doing so will ensure that you obtain the correct loan that will provide the optimal combination of reasonable startup costs, lowest interest rate, and low overhead cost. Please feel free to call me and I will be happy to recommend a few professionals which do an outstanding job.
SML Area Property Tax Rates
Bedford County Tax Rate $0.52 per $100
Franklin County Tax Rate $0.61 per $100
Pittsylvania County Tax Rate $0.62 per $100
EXAMPLE:
SML Home Value of $350,000 in Franklin County.
Annual taxes are: $350,000/100*0..61= $2,135 per yr.
