If all the information you have provided is true, your loan amount will be a 100% loan of $200,000 with a interest rate of 6.50% with interest payment of approximately $255,085.82. Your monthly pament will be $1265.14 per month. This is based on what you have provided so far.
What is not provided and will change the amount financed as well as provide your APR is the cost of your loan. These are the fees you have to pay like escrow (Closing) title, points and fees to get the loan. Once you have found out these charges you will be able to determine APR.
You should apply for a loan with a mortgage broker as oppose to a bank. This will prevent you from having to pay for more than one appraisal or credit report.
A mortgage broker has many lenders and underwriters signed up to underwrite his submissions and chances are he might even have the bank you want to use signed up as an underwriter for his loans also.
Check your telephone book and find one that is nearest you. He will ask a few well a lot of questions to complete the loan application. After that he will then run a credit report to determine the type of loans he will be able to offer you.
You should sit down eye ball to eye ball so you can go over each loan you are qualified for and allow this mortgage broker to explain in detail your mortgage options.
After that you need to select the one that is most beneficial to you. You will sign the loan docs and state that you understand
the type loan you are getting.
I see that you indicated a 30 year fixed, get a good explaination of this type loan and keep an open mind about the any other loan you aare qualified for.
Some will tell you that a 30 of 40 year fixed is the only way to go, but you are getting a loan that benefit you and you alone. What works for some may not work for you, so get all the information you need to make an intelligent decision for you and your family.
This might be a 5-7 or 10 year adjustable but that is your decision. If the 30 or 40 year fixed is most beneficial to you by all means go for it, but keep an open mind about your options.
Once you have decided on the loan you want, you will get a pre-approval that indicate how much house you are authorized to purchase.
You will then be directed toward a real estate agent who will assist you in finding a house you will be comfortable in for you and your family.
After you have selected the house the real estate agent will then get a sales contract for you and the seller to sign. He will then pass this signed contract to your mortgage broker, after which the mortgage broker will order an appraisal to determine the value of the house.
Once all this has been done, you will be asked for additional documentation for the underwriter.
Once all this has taken place you will be told by your mortgage broker that you rate on your mortgage has been locked in and he will order the loan docs from the underwriter for you and your spouse to sign.
A date will be set for you to sign the loan docs. Make sure you confirm with your mortgage broker the interest rate, if you have a fixed rate or an adjustable rate, how long your mortgage is for 30 years 40 years and the adjustable periods if you have an adjustble. He should be able to tell you this.
Now when you go to sign the loan docs if anything is different than what you spoke to your mortgage broker about, stop signing and give this person a call.
Once the loan docs are signed for a new purchase you are now a home owner with a mortgage to pay ech month.
Now about a refinance. This is a transaction where for some reason you decide that you want to re-mortgage your house because you can get a lower interest rate thus saving you some money by reducing your monthly mortgage payment.
You might refinance to get out of an adjustable rate mortgage.
If you have enough equity to pay off some credit cards or a car payment you might also refinance your home and take out some money to pay these high end debts off thus reducing your consumer monthly payments. You could reduce your monthly mortgage payments, also but don't count on in is this case.
Remember, when you refinance you start a new mortgage payment all over again so you now have a new thirty or forty year loan.
I hope this has been of some use to you, good luck.