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Mortgage Calculator: Providing Advance Information On What to Expect
Among the more formidable tasks a prospective homeowner faces is determining how much money he or she should prepare to pay each month as mortgage. Unless you are one of the very few who can buy a house outright, the greater part of your purchase will be made with home loans that must be paid off regularly over time. But how to determine what you will pay? Fortunately, the industry has made available mortgage calculators available to homebuyers, allowing you to experiment with different loan terms to estimate which options suit you best. After you’ve put your information into one of the many mortgage calculator options available online (we've provided one just below for your convenience) and obtained a basic idea of your options, submit the form here to acquire your own mortgage consultant to help you get started with the mortgage process and explain which type of loan is best for your situation.
Predict Your Monthly Payments in Just a Few Easy Steps
A mortgage calculator is a tool used to help homebuyers determine their monthly payment using principal, interest rate, loan term, loan cost, property information and insurance costs. Principal is the amount of money you borrow; loan costs include payment for closing, appraisal, loan origination fee, and other settlement costs. The types of insurance you are likely to encounter are hazard insurance, protecting you against the cost of fires, storms, and natural disasters (note that people living in “high risk” areas may have to take out extra insurance against earthquakes, floods, hurricanes, or other disasters), and mortgage insurance, which protects the lender against default and is required only in cases where the borrower’s credit ratings are low.
Most mortgage calculators take into account two sets of information. Loan information includes principal or loan amount, interest rate, the percentage or points of your principle to be charged as a loan origination fee, loan costs and loan term in years. Property information includes property value, monthly real estate taxes, monthly hazard insurance and mortgage insurance. In just a few simple steps you can put this information into an online mortgage calculator or simply contact one of our consultants by filling out the form below to get the mortgage process rolling. Top mortgage lenders will compete for your business after submitting the form.