Home Mortgage Calculator - Tips for Getting Optimal Terms

The process of applying for home financing, being approved, and deciding if the financing terms work for your needs can be an overwhelming and confusing process. However, when you have a few simple facts in your pocket and a basic understanding of how it all works, then you'll find the process much easier and you'll feel more confident about the decisions you make.

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Do the Banks REALLY Hold All the Power in Mortgage Negotiations?

We’ve got some good news and some bad news for you:

  • The bad news is- interest rates in general depend on what the prime rate is, and also on your credit score.  This means you will have to operate within those paramaters.
  • The good news is- it barely takes any homework at all to walk into your mortgage negotiations understanding the process and feeling good about the outcome.

The Tool You Need to in Researching a Mortgage

An important tool you need is a home mortgage calculator. Using one of these calculators you will:

  • Figure out the exact minimum and maximum amounts you can afford to pay every month.
  • Learn how to reduce overall interest paid on your loan by choosing monthly payments greater than your minimum.
  • Learn how much more money you will save paying your loan off faster rather than directly investing that extra money.
  • Take responsibility for your financial life and decide for yourself what you want to pay on your loan.

Picking the Right Calculator

Make sure you use a home mortgage calculator with taxes built into it. Better yet, make sure that calculator also factors insurance payments into its formulations.

You can use a normal calculator to figure out the maximum amount of money you can afford to pay on your loan, only to learn too late (often at the negotiating table) that you can’t actually afford to pay that much every month because you didn’t take into account auxiliary costs, including taxes and insurance payments. Suddenly you realize your math is all wrong and you won’t be able to pay off your loan under as favorable terms as you hoped.

In this moment of confusion you may end up allowing the bank to steer you towards unfavorable mortgage terms. Take all expenses into account and know exactly what you are able afford every month.

Your Final Trump Card

Using this information you can walk into any mortgage negotiation with a level of confidence and assurance you never dreamed possible. But the greatest benefits of running the numbers yourself comes when you take the process one step further and begin to comparison shop among banks.

With your trusty home mortgage calculator in hand you will be able to figure out the exact amount of money you will pay over the life of every single loan offer you receive from every bank you petition. Which means you will know that even though Bank A’s terms sound better than Bank C’s, over the life of the loan Bank C’s mortgage will costs you tens of thousands of dollars less.

When it comes to gaining the loan you need to buy your house, a little bit of personal calculation goes a long, long way.  Let us help with our online home mortgage calculator with taxes.

Home Mortgage News and Articles

The Benefits of a Partially Amortized Loan

Are you aware there are multiple types of mortgages you can acquire, each with its own specific terms? It’s true, though most people only need to make one big decision when choosing the structure of their loan- whether they want a partially or fully amortized loan. What is a Fully Amortized Loan? The fully amortized loan is one whose payments are made in installments for the entire term of the loan.

When to Assess Your Mortgage Options – Find Your Perfect Medium

The home buying process can be a wonderful experience but it can also bring with it unique challenges and struggles. Many of the issues arise from would-be home buyers who want to skip straight to the stuff they like: Shopping for houses.

How To Save on Your Home by Avoiding Unnecessary Fees

We all know how much some unscrupulous lenders love to tack on as many fees on possible to every new loan they authorize, but not everyone knows just how avoidable many of these fees actually are. While avoidable fees probably aren’t going to total anywhere near the thousands of dollars, or tens of thousands of dollars, you can save by paying down your mortgage quickly or negotiating highly favorable terms, opting out of these fees can save you a hundreds of dollars, which is nothing to scoff at.

Using Your Simple Mortgage Calculator

  True to its name, a simple mortgage calculator is pretty easy to understand and even easier to make good use of. And when you learn how to use one of these home loan calculators you will be give yourself the power to figure out the optimal mortgage to meet your needs without having to consult with high priced or potentially untrustworthy advisors, lenders or so-called “experts.

How to Get the Best Possible Terms on Your Home Loan

There are plenty of tips and tactics you can implement to get the best possible terms on your home loan, and that’s true whether you already have a loan or if you’re about to sign up for your first mortgage. If you already have a loan decide whether you want to refinance and replace your existing mortgage with a new lender, or stick with the same bank.
Categories: Home Mortgage CalculatorRefinancing a Home MortgageUseful Tips and ArticlesConsumer & Industry NewsMortgage 411