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Amortization

Lower rate mortgages affect the amortization of your loan in a big way because it not only makes it possible to pay down your mortgage quicker, you also pay less monthly in interest expenses. It is important to remember that interest expenses are tax deductible. If paying down your loan early is important to you. Most amortization calculators will let you factor in an extra monthly payment every year.

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In the early days of your mortgage amortization you will notice that the calculator shows more interest paid. This is because out of your entire monthly payment, only a portion of it is applied to the principal (the actual price of the home). The amount taken out of your payment to pay interest on your loan will correspond to the rate you have on your mortgage.

Use an amortization calculator once you have determined your estimated interest rate, loan amount, and mortgage term. Most home loans are for a term of thirty years. A great interest rate by today’s standards is 5%. Even if you are not so fortunate to get a 5% interest rate you will still fare far better than even those with the best credit in the early 80’s.

Amortization is the gradual elimination of a liability, such as a mortgage, in regular payments over a specified period of time. These payments must be sufficient to cover both principal and interest. Just as a business allocates a depreciation expense over the lifetime of its equipment and buildings, your monthly mortgage payments are amortized over the life of your loan.

 


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If you would like to see the precise amount of interest and principal paid on your loan each month you need to refer to an amortization table. An amortization will show you exactly how much principal is paid down on your loan and also the portion taken out for interest… VA loans are offered to veterans of the United States military at great rates. With little or no money down and fixed rates of interest, these loans can be used for amounts up to a ceiling of $240,000. Additionally, there are no prepayment penalties on these wonderful loans… There is a laundry list of types of mortgages out there. The important thing is to find the one that takes best advantage of your circumstances and resources. For example, FHA loans are convenient if you don’t have sufficient capital for a down payment…
Reverse mortgages are a less known option in the lending industry used primarily by the elderly. A reverse mortgage allows the borrower to take equity out of the home treating it as a nest egg for their retirement… Take advantage of low interest rates with a home equity loan. Using the equity in your home will help you get a lower interest rate than a conventional loan and you can get cash fast to make a large purchase or invest for your future….

Mortgage refinancing is simply replacing one loan with another. It is an opportunity to lower rate and also to switch between fixed rate and adjustable rate mortgages as well as to switch between 15 and 30 year loan terms…

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