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The above numbers are only Estimates
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Be aware that the numbers, or answers, from calculator are only estimates. Some factors (such as down payment amount, insurance, etc.) will influence how much your payments will be.
Be sure to consult one of our helpful Customer Service Representatives for accurate information as it relates to your financial situation.
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How the Amount is Determined
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The estimated amount of loan appropriate for your current financial needs is determined by considering principal, monthly payment and down payment affords without regard to possible limiting factors such as adequacy of down payment, your willingness to assume additional debt, etc.
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Insurance
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For a mortgage, or for most property used as collateral for your loan, insurance will be required.
If the loan is a Mortgage, Insurance is normally paid conveniently monthly and is added to the monthly escrow amount you pay to cover homeowner's insurance and property taxes. Annual mortgage insurance premium amounts can be discussed with your Loan Officer at Clayton Bank. We will be pleased to research the best possible insurance and mortgage programs available.
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Many Factors influence the Ability to obtain Financing
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Many factors influence the cost of and ability to arrange for financing. Some key factors are the price of the asset you want to buy or are using as collateral versus its appraisal value, your credit history, current debt burden, current employment, employment history, and amount (and sometimes the source) of down payment. Please consult with your Clayton Lender for additional information. All loan applications are given top priority and are subject to credit approval. |
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