Mortgage for Home Buyers
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Buyers should familiarize themselves in advance with terms like amortization, Fixed and Adjustable Rate Mortgage (ARM) and compare the rates and monthly payments for 30 years, 20 years and 15 years’ mortgages and chose the plan that will suit their long term goals. In the long run, this could save them tens of thousands of dollars during the life of the loan and remember; there’s no substitute for knowledge and preparation. Qualifying for and obtaining a mortgage is the first hurdle the home buyers may face. The process is handled by mortgage professionals who will issue a pre-approval letter indicating the amount of the mortgage the homebuyers could apply for. This is important when it comes to sending an offer on any property since the homeowners and their agents will not consider an offer without the pre-approval letter. |
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Do You Qualify? Understanding how much of a mortgage you can qualify for… |
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Compare Interest Only vs. Principal and Interest Calculate the difference between interest only mortgage & principal mortgages |
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Calculate Amortized Payments Determine the monthly payment amount based on the amount borrowed & more … |
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Meet a Payoff Goal How much additional monthly-payment is necessary to pay off your mortgage? |
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Tax–Savings Estimate the savings in taxes that can be realized due to interest & property taxes! |
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Compare Consolidation & Re-Financing Compare refinancing a single mortgage vs. consolidating a first & second mortgage … |
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Refinancing a Mortgage See the cost and savings of refinancing at a lower interest, net of closing costs… |
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Compare Monthly vs. Bi-Weekly Save more by making one-half of your mortgage payment every two weeks … |
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Compare Mortgage Rates See the differences in mortgage payments and interest costs at different rates … |
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Compare Term of Your Mortgage This calculator will compare monthly payments of different mortgage terms … |
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