Mortgage Loan – How to Shop Using a Mortgage Calculator

Mortgage Loan – How to Shop Using a Mortgage Calculator

Mortgage calculators are an excellent financial tool to help plan your mortgage. You can use a mortgage calculator to figure out exactly how much mortgage you can afford and what your payments will be including taxes and insurance. Here is what you need to know about a good mortgage calculator.

An online mortgage calculator is simply a website that collects information about your loan: the principal balance, interest rate, insurance, and taxes. Once you have interest this into the form the calculator will tell you your monthly payment amount and graph the amortization of the loan. This is helpful information when doing your homework as it will allow you to budget accordingly and save you from getting in too deep with your payments.

A graphing mortgage like the one featured on RefiAdvisor.com will show you how your down payment, points, and term length affect the loan. By using the calculator you will be able to determine if paying points or increasing your down payment is in your best interest.

The amortization charts and graphs will show you how the loan is repaid. Mortgage loans are front loaded with interest; the charts and tables will help you understand how the interest is repaid on your mortgage. You will be able to see how equity is paid into your home and how long it will take to start paying down mortgage principal.

A mortgage calculator is a useful tool to help you find the right mortgage; doing your homework and shopping smartly will ensure that you do not pay too much for your mortgage. To learn more about finding the right mortgage and avoiding common mortgage mistakes, register for a free mortgage guidebook.

To get your free mortgage guidebook visit RefiAdvisor.com using the link below.

Louie Latour is a mortgage professional and the owner of RefiAdvisor.com, a mortgage resource site offering a free gift for homeowners: "Mortgage Refinancing - What You Need to Know." This guidebook helps homeowners avoid common mortgage mistakes and predatory lending practices.

Claim your free guidebook today at: http://www.refiadvisor.com

Minneapolis Mortgage Refinance

Article Source: http://EzineArticles.com/?expert=Louie_Latour

A Reverse Mortgage Calculator - Clarifying Your Retirement Finance Picture

A Reverse Mortgage Calculator - Clarifying Your Retirement Finance Picture

If you are considering a reverse mortgage on your home as a means of helping fund your golden years, you can eliminate some of the mystery about how much you can reasonably expect in the way of a reverse mortgage loan by using a reverse mortgage calculator.

You can choose a reverse mortgage calculator from one of the dozens available online. They all require you to input some data concerning your home’s estimated worth, but are relatively easy to use and will be the quickest way you have of determining if taking a reverse mortgage on your home will be a financially prudent move.

The AARP Reverse Mortgage Calcualtor
The AARP--American Association of Retired Persons--website has an extremely user-friendly reverse mortgage calculator; it generates more traffic than any other. The AARP reverse mortgage calculator requires that you supply information on your age, the age of your spouse, your zip code, and the estimated value of your home. By inputting this information into the reverse mortgage calculator, you will be taking the first steps to determine if you want to pursue the reverse mortgage process.

The accuracy of the estimate you receive will depend on the accuracy of the information you give to the reverse mortgage calculator. Reverse mortgages are a form of financing entirely different from traditional mortgages, and while the AARP reverse mortgage calculator gives an estimate based on the current value of your home, other calculators will ask for both the current value of your home and the remaining balance on any existing mortgage you have.

A sophisticated reverse mortgage calculator will be able to factor in information like the total amount of money you would like from a reverse mortgage and the manner in which you wish to receive it--in cash, as monthly payments, as a line of credit, or as all three. After you have supplied the requested information, the calculator will automatically run the figures and come up with a fairly good picture of what you can reasonably expect by taking out a reverse mortgage

Limits Of A Reverse Mortgage Calculator
A reverse mortgage calculator, no matter how sophisticated, offers approximate mortgage amount estimates for national reverse mortgage programs, and cannot factor in cost variables in your area. Local lenders can add application, originating, closing, and termination fees to your reverse mortgage, and some of them will be accruing interest for the duration of the loan. The amount of money you actually receive will be affected by such fees.

You can also find more information at Reverse Mortgage Rates and Reverse Mortgage Wholesale.

i-reversemortgages.com is a comprehensive resource to get information about Reverse Mortgage.

Article Source: http://EzineArticles.com/?expert=Will_Robins