Estimates taken from a mortgage rate calculator help you make decisions while in the loan process. Try our calculator and find out the mortgage terms that are right for you or fill out our free online application to contact up four lenders about your new mortgage.
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Low interest rates have encouraged many renters to look into buying a new home, and created a great opportunity for homeowners to refinance. There are many ways to ensure that your new mortgage closes in your favor. Researching your mortgage is good way to make sure you will be happy with your mortgage. Checking your credit can give you a realistic idea of what kind of loan you qualify for. Credit reports can be ordered for a nominal price from any one of the three major credit agencies, for example, Equifax, and can even be ordered online. After looking into your credit history and current income to discover the kind of loan you qualify for, researching your mortgage is your next step. A mortgage rate calculator can be used to help you decide on the kind of loan you want, making it easier to make choices between different loan offers. Use our mortgage rate calculator or contact up to four lenders by filling out our free short form.
Homeowners who are looking into refinancing can use a mortgage rate calculator to make sure such an endeavor would be worthwhile. If a borrower has a loan of $150,000 with a 9% interest rate and a 30 year term, but rates are currently at 7%, a mortgage rate calculator shows the difference made by refinancing at the lower rate. Though the interest rates have only dropped 2%, refinancing to 7% would cut the total amount of interest paid from $284,496 to $209,263. Refinancing would save this borrower $75,233, or $209 monthly for 30 years. A mortgage rate calculator can be used in this case to help a homeowner research whether or not refinancing would be cost effective.
Mortgage rate calculators may also allow you to plug in one or more extra payments through out the life of the loan or yearly. This allows you to plan a way to cut down on interest even if you can not afford a larger down payment or higher monthly payment. If you plan on making extra payments, make sure to consult your lender about prepayment penalties so that you will not incur a fine while trying to save money.