The loan calculators and loan wizard are tools designed to help you identify which loan programs may meet your needs. The calculators and loan wizard do not take into account all factors that a lender will consider in reviewing a mortgage loan application. To find out if you qualify for a loan, you must submit a pre-application. Requirements will vary for different loan programs based upon the equity in your home.

The loan calculators and loan wizard provide an approximation of interest rates and payments and other terms that are important in your decision whether to borrow money. They are not a commitment to lend or a guaranty of the interest rates or other terms offered by  MyMoneyInc.com.  Interest rates shown are for illustration only and reflect current national averages. Requirements will vary for different loan programs and based upon the equity in your home. 

Interest Rates and Annual Percentage Rate (APR):
The interest rates and APR's shown are for illustration only. Closing costs will vary. The APR does not include Private Mortgage Insurance, which is required on any loan that represents more than 80% of the value of the mortgaged property. Since loan terms vary considerably,  the APR for your loan specific situation will be provided by your loan consultant after you complete your application.

Private Mortgage Insurance (PMI):
PMI is required on any loan that represents more than 80% of the value of the mortgaged property. In other words, any borrower with less than 20% equity in their home will be required to pay PMI. The PMI premium will be based on the original amount of equity in your home. A larger premium is required the smaller the percentage of equity because of a higher default risk.