Buying a home doesn’t have to be complicated. It can be a fun, exciting time – but only if you have the right tools and resources at hand. One great option is the home mortgage interest calculator , which gives you details on what your monthly payment is likely to be. You plug in some pertinent details and it tells you what the estimated monthly payment will be, which includes principle, interest, property taxes, and homeowners insurance. You won’t have an exact number until you’re actually in the middle of the process, but this will give you a good idea.

 

Once you have the numbers you can play around with them and decide how much of a home you can reasonably afford. Remember that there are more expenses associated with a home than just what will show up on your calculator. You’ll have to either buy equipment for snow removal and lawn maintenance, or pay someone else to take care of it. When something goes wrong, you’ll need a repair fund to dig into. Owning a home is a great feeling but it’s a lot more fun if you know that you’re covered and haven’t overextended yourself financially. These great calculators can help you do just that.

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Whether you’re trying to refinance, are selling a home and buying another, or you’re interested in buying your first home, one thing is for sure: you have questions. This can certainly be a complicated process but it doesn’t have to be. It all boils down to how much information you have at your disposal. The more information you have, the easier the process will be and the better able you will be to make an informed decision about what’s right for you.

 

Is Now the Time to Refinance?

Let’s begin by considering the options of a family who currently owns a home, wants to stay there, and is considering refinancing. It’s true that interest rates are at historic lows and so it is a good time to refinance for most people. Interest rates are not expected to go any lower generally, however, that may not be true for you specifically. For example, if your credit is not great but it’s improving and you expect it to be considerably different a year from now, then it may be worth it to wait a year and get a lower interest rate. Or if you expect to get a significant raise in the next year or so, then you may get better terms then as well.

 

I’m Selling a Home and Buying One – How Does the Process Work?

This question is a complicated one and it depends on a number of factors. Typically, when someone purchases your home the money they or their lender pays will first pay off your existing mortgage, then fees associated with the closing, and if there are excess funds you’ll receive that money. As a result, it probably makes more sense for you to sell your home and use the proceeds to put a down payment on a new home. Additionally, if you buy a home before you sell your old one then you will be responsible for both mortgage payments until your home sells.

 

On the other hand, many homeowners wonder what to do when they sell their home and they haven’t got a new home to move into. One option is to rent a smaller home while you wait to find the perfect home. You can also set terms of the sale that the new owners can’t move in for a certain amount of time – hopefully long enough to find a home. However, you may find the perfect home and discover they have similar terms and you can’t move in right away. Either way, this is certainly a complicated situation with many things to consider.

 

How Much of a Mortgage Can I Afford?

New homeowners have even more to consider, as they’ve never been through the process. To start with, visit http://www.home-mortgage-calculator.com/ and find out how much your mortgage would be if you bought a home in the price range you’re considering. This is a good starting point to help you decide how much you can afford. You can then take your other expenses into consideration, find out how much you’ll need to put down, and start looking for your dream home!

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how does your mortgage compare to your neighbors?It’s common for homeowners to not be quite sure if they’re paying too much or too little for their home. They often take steps to find out what their neighbors are paying to see if it’s more or less than they’re paying. While it may be interesting to know what others are paying, the reality is that it isn’t the best way to discover if you’re paying the right amount. Instead, you should investigate your options. Refinancing is a good way to lower your interest rate, which will lower both how much you pay for your home in total and your monthly payment.

 

The first step is typically to find out if your current lender will offer you the option to refinance. If they don’t then you can look into other lenders who will do so. Remember that refinancing does typically involve paying a variety of fees. These can be substantial but if you save a significant amount over time then they can also be well worth it. Use an online calculator to determine how much your mortgage loan payment would be with the lower interest rate that’s being offered, then compare the savings to the cost of refinancing.

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Those who are on the lookout for a new home and are doing their research probably have read dozens of times about a mortgage interest calculator . However, so frequently a site will simply suggest you use one without really explaining why it’s helpful. So you head to the calculator, you plug in a few numbers, and then some more numbers come back at you. Now you know how much interest you’ll pay over the course of your loan, or you know what your monthly payment will be. But how do you use this in the larger questions you have about how much home you should buy?

 

Remember that your monthly payment is just one part of how much it costs to buy a home. If you see the results and the monthly payment is higher than you’d expected, but you think to yourself, “Well, I could probably pay that every month…” then it is likely too high. Unlike when you’re renting, the premium you pay to your lender isn’t the only home expenses you’ll have. You’ll have to do regular upkeep, maintenance and repairs – which can all get costly. Consider the whole picture as you look for the right price to pay.

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