Are you referring to the estimates you see here on Trulia on the page of the home you are viewing, where they give you an estimate on your monthly payments? If so, those are not exact numbers at all. Those numbers are usually based on a estimate using the assumption that you would put 20% down and have an interest rate of 6%. They do not take into account real numbers, current rates, your personal situation that effect the type of loan (example VA, FHA, Conventional) nor do they add in taxes, insurance, PMI, HOA, etc etc. Make sure you speak with a loan officer/mortgage broker to get a real estimate. It's free and will give you a good idea of what type of home you are qualified to purchase.
If you read the small print they disclose the following:
This calculator is provided for educational and informational purposes only. It relies on assumptions and information provided by you regarding your goals, expectations and financial situation. Calculations are provided by third-party sources whom we believe to be reliable, but we cannot guarantee the accuracy of these results. All figures are hypothetical and may not be accurate indicators of historical or current performance. Past performance does not guarantee future results. This calculator does not take into account individual circumstances and should not be relied upon in any way as the sole source of information. Please consult with financial, tax, and legal advisers for any advice relating to your personal circumstances. This service shall not infer that the company assumes any fiduciary duties.
there is a lot more blogs there to read to help buyers..best of luck.
If you are truly interested in purchasing a home you need to take the time to speak to a licensed loan officer that can explain how the process works and answer any questions you have. Buying a home is a very important step in ones life and going off of, quite frankly, some of the junk out on the internet can really hurt you in the long run. I'd be happy to give you solid, quality information that will help you in your decision. You may reach me at any time. I look forward to assisting you.
Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 â€“ Toll Free
813.402.4637 â€“ Direct Line
727.488.7355 â€“ Cell
888.692.5967 â€“ Fax