How To Get A Million Dollar Home Loan – A 30-year $1,000,000 mortgage with an interest rate of 4% costs about $4,774 per month – and you could end up paying more than $700,000 in interest over the life of the loan.
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How To Get A Million Dollar Home Loan
A $1,000,000 mortgage could be your ticket to a Midwestern mansion or a Bay Area bungalow. No matter what type of home you’re looking for, adequate income and top-notch credit can help you get the great mortgage you need.
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In addition to the down payment, you’ll need money to cover loan origination fees, home appraisals, and other closing costs. But here we’re going to focus on the monthly payments you can expect under various scenarios, as well as what a $1,000,000 mortgage might cost over the long term.
If you’re applying for a $100,000 mortgage, here’s how much that loan should cost you each month, including interest:
Monthly mortgage payments depend on how much you borrow, what interest rate you can get, and how long you want to borrow the money for.
To get an idea of what your monthly payments could be, enter your mortgage amount, interest rate and loan term into our mortgage payment calculator.
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With a $ home loan, you will pay $ monthly and pay a total of $ interest over the term of the loan. You will pay a total of $ over the life of the mortgage.
You can get home loans from a variety of mortgage lenders, including retail lenders, portfolio lenders and credit unions.
Our lender partners can help you compare without affecting your credit score, and we won’t sell your details or spam you with offers.
A $1,000,000 mortgage is considered a large loan and these loans are a little different from the small loans you often read about. Qualifications can vary widely from lender to lender, but here’s what you typically need:
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You will always pay more interest with a longer loan term and a $1,000,000 jumbo loan is no exception. For example, a 30-year jumbo mortgage will give you the lowest monthly payment, but if you assume a 4% fixed rate, you’ll pay $718,695 in interest.
A 15-year mortgage at the same rate would cost you $331,438 in interest, but would require higher monthly payments.
Cutting your mortgage term in half could save you $387,257 in interest. However, sticking to the 30-year term will give you an extra $2,623 per month to set aside for other purposes and expenses.
There is no right or wrong option, so choose what works best for you. It can also help you compare lenders, getting you on the path to pre-approval.
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Most of your monthly payment will go toward interest at the beginning of your loan term. But with each payment you make, a little more will go toward principal and a little less toward interest until you have your home free and clear.
1 $ 1,000.00 $ 4, 774.15 $ 39, 679.47 $ 17, 610.37 $ 982, 389.64 2 $ 982, 389.64 $ 4, 774.15 $ 78, $ 6,47 $ 774.15 $ 78, $ 6,47 $ 63, 847 $ 3 $ 319. . . $ 4, 774.15 $ 360, 737.95 $ 25, 226.34 $ 787, 839.59 11 $ 787, 839.59, $ 4, 774.15 $ 391, 773.68 $ 26, $ 761, 585.49, 585.461, 585.461, 585.461, 585.461, 585.461, 585.461 585.4661, 585.4619 $ 7661, 585.461, 585.461, 585.461, 585.461, 585.461, 585.461, 585.4661, 585.461, 585.46.1, 58.461, 585. 4,774.15 $617,340.63 $37,608.28 $471,543.92 2 $471,543.92 $4,474.15 $635,489,489. 4,774.15 $652,044.664. $6663.471,543.92 $. , 774.15$700, 977.39$47, 790.40$211, 441.67 27$211, 441.67$4, 774.15$708, 529.78$49, 737.46$161, 704.22 28$161, 704.22$4, 774.15$714, 055.78$51, 763.83$109, 940.39 29$109, 940.39$4, 774.15 $717, 472.85$53, 872.77$56, 067.63 30$56, 067.63$4 , 774.15$718, 695.06$56, 067.61$0.00
Prepare a detailed statement of your annual income and expenses to know how much house you can afford. Next, consider the new expenses you will incur as a homeowner.
In addition to the mortgage principal and interest, there will be property taxes, home owner’s insurance and home maintenance. Some properties also require homeowners association fees and special risk insurance such as flood insurance. Your utilities can be even higher.
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Before applying for a mortgage, check your credit reports with each of the three major credit bureaus: Equifax, Experian and TransUnion. Mistakes can occur due to identity theft, names with similar spellings, and similar Social Security numbers.
You don’t want to qualify for a small loan because someone else’s car payment is past due on your credit report or get denied because your score is lower than you expected.
By giving lenders basic information about your finances, they can tell you whether you qualify for a full mortgage — and determine how much you can borrow.
Tip: Getting a pre-approval letter from the lender will also strengthen your purchase offer. This shows the salesperson that you can close the deal.
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When taking out a large loan, a small difference in interest rate can mean thousands of dollars in difference over the life of your mortgage. It is worth the time and effort to shop around for the best mortgage rate.
But don’t stop there: fees can add up, too. When comparing lenders, see what they charge such as origination fees, application fees, discount points and more.
Don’t let the fact that you’re making a big purchase stop you from trying to save money anyway you can. In a buyer’s market, you can offer less than the asking price — or negotiate concessions for the seller, such as helping pay for closing costs or repairs.
If this is not possible, negotiating your desired move date can help you avoid overlapping payments for your current location and your new home.
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Once you’ve found the home you want to buy and the seller has accepted your offer, it’s time to apply for a mortgage. You will provide a detailed description of your sources of income and your legally binding financial obligations, including debt payments and child support.
Lenders want to see that your income is stable and that your debt-to-income ratio isn’t too high to afford the mortgage you’re applying for.
After you fill out your mortgage application, the underwriter will review it along with the supporting documents you provide, such as bank statements, payment arrangements and tax returns. The faster you provide this additional information, the faster your mortgage can close.
The lender will also send an appraiser to assess the condition and value of the home you want to buy. If all goes well, it will be appraised at or above the purchase price.
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Shutting down can be painful. You can’t wait to get the final OK that you’re ready to close.
At this stage, you may need to fulfill some last minute pickup requests. You’ll want to schedule time to review and sign your closing documents and make sure you understand how to transfer money for your down payment and closing costs.
To complete your home buying journey, you will sign dozens of documents in front of a notary public. This process was traditionally done in an office, but now you can do it in the comfort of your own home with a mobile notary or remote online notarization.
You will need to provide your ID and possibly your fingerprint. Soon, you’ll get the keys – and finally the real excitement of moving into your new home can begin!
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Amy Fontinel has been a personal finance writer since 2006. His work has been published by Forbes Advisor, Capital One, MassMutual, Prudential, Reader’s Digest, The Motley Fool, Investopedia, International Business Times, Business Insider, Bankrate and other publications.
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