Why Online Mortgage Calculators Can Be Misleading – Expert Advice from Jessica & Erin Stepp

When you're in the market for a new home, it's tempting to rely on online mortgage calculators to get a quick estimate of what you can afford. However, Jessica and Erin Stepp from Fairway Mortgage, our trusted local lender, want to share an important message: "Buyers beware!" As Erin jokes, the mortgage numbers you see online might not be accurate or reflect the best programs available for you.

Online mortgage calculators are convenient tools that provide a rough estimate based on general inputs like home price, down payment, interest rate, and loan term. While they can offer a ballpark figure, they often fail to account for crucial factors such as your credit score, debt-to-income ratio, and specific lender requirements. These variables significantly impact the mortgage terms you qualify for and the loan options best suited to your financial situation.

Erin emphasizes that the mortgage you see online may not be the one you’re eligible for or the best program for you. Mortgage products can vary widely, and lenders often have access to specialized programs that cater to different borrower needs. By consulting directly with a local lender like Erin, you can obtain personalized and accurate mortgage details tailored to your unique circumstances.
If you’re ready to explore your home-buying options, Jessica encourages you to reach out. By setting you up with Erin, they can ensure you have all the right information to make informed decisions about your mortgage. Don't rely solely on online tools; connect with a professional who can guide you through the complexities of the mortgage process.

Remember, when it comes to something as important as your home, accurate information is key. Reach out to Jessica and Erin today to get started on the right path to homeownership.

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