The rate of interest may be the biggest factor you consider when you determine the terms of your loan. Using a mortgage payment or amortization calculator is good way to figure out how a certain interest rate is going to act on a loan.
If you are not interested in refinancing, there are several other loans that
will allow you to take advantage of todays interest rates:
FHA loans · VA loans
Home equity loans
Home equity lines of credit
Reverse mortgages
Current low rates will come in to play with any of the above loans, allowing you to improve your home or buy a new home using a mortgage that you can be happy with.
For instance, if you have $150,000 loan with a 30 year term at a 9% interest, but rates are currently at 7%, a mortgage calculator can show you the difference between your loan now and what it would be if you were to refinance. In this case a 2% drop in interest rates could take you from paying $284,496 in total interest to paying $209,263. This drop in interest rates would ultimately save you 75,233, which equals up to $209 a
month. A mortgage calculator shows that refinancing to a lower rate is well worth it.
Todays interest rates are at lows that for good credit consumers beat most all other forms of credit when it comes to the rates you can get on a loan the size of a typical mortgage. For this reason, refinancing and debt consolidation business is booming…
A reverse mortgage is a tax free way to turn your homes equity into a retirement fund for your later years. If you do not intend to sell your home but require the money, you can sell your home back in increments and take the money as a monthly income…
It’s not too late to get a mortgage refinance if you have put it off. Rates are still low and even if you have refinanced already within the past five years you may be able to capitalize on yet another opportunity to lower your rate…
A mortgage calculation with one of our free mortgage calculators will help you estimate your monthly payments on a mortgage loan. You can also estimate refinancing costs and debt consolidation rates using our free calculators…
Getting the lowest mortgage rate possible depends on an array of factors that a lender will take into consideration. Among them are your credit score, your debt to income ratio, and your employement status and annual income…
Loans are an inescapable reality of our economy. Only getting the best rates you can will save you over the long run. Working with a qualified professional you can help will best represent your interests to the bank and get you lower loan rates…