Month: November 2017

Using an Online Mortgage Calculator – Property Tax, Insurance, and Homeowners Association Fees

During your grandparent’s time, loan applications was very simple. Yes, it does not have any convenience from Internet in comparing rates and all packages, or an online FHA mortgage calculator in order to crosscheck lots of numbers which the accountant did. Yet, at least, they did not have any mess from credit card that is plaguing many Americans even during their sleeping time.

Never Doubt

If you’re thinking of getting a refinance, visit one of the websites available. You’ll be blasted with lots of information and you can use the FHA mortgage calculator to check if you can afford a big loan. In some sites, the use of the feature does not require any registration or ask any personal information for the use of the feature, making shopping for better loan rates easier.

If you’ve already talked to a representative of the mortgage company, you can discuss the details of your mortgage—numbers wise—confidently and bargain for a better contract. Using the information they provided online can be your leverage; perhaps as indicated, they can give you points off from the margin.

The results are accurate and are according to the company’s current policies. You have no reason to doubt the results generated. Since the statistical information is detailed and complete, your next step is to review company offers and perks if you get a loan from them.

Bargaining for discounts was an advantage your grandparents did not always have then. Or perhaps, at that time, people had the money for a big deposit. Remember, life was simpler then and the dollar was king.

Those little Widgets on the Computer Screen

The FHA mortgage calculator gives you a blow-by-blow detail of how your money works and why your rate is that high or low. The flexibility of the calculator’s features helps you adjust figures so you can immediately see the results if you choose to increase or decrease your down payment, or shorten the loan term to 15 or 20 years from the traditional 30-year term. You can reset the interest rates from 7% to a low of 5% just to satisfy your curiosity.

This expedient tool would have saved your grandparents the time going over the calculations of the accountant or the loan’s processing officer to understand how their payments worked towards a payoff. The availability of the Internet and online calculators enhanced government, private, and non-government organizations’ transparency, which benefited them and the consumers in many ways. Mortgage companies became visible and available to all interested consumers. To make their online business work, they put up a calculate feature in their websites.

Have you come across the online calculator in different sites? These widgets are real smart. Take for example the free mortgage calculator. You just enter the numbers, including the sale price of the home, percentage of deposit, term, annual interest rate, and your state. The moment you click calculate, the results appear faster than the genie in the bottle.

The result shows a detailed calculation from month one of year one to the last month of the last year of the mortgage. There is also a precise explanation for every detail, explained better than a loan agent or an accountant can muster. You can vary your numbers to find out which amount suits your needs. Right there you can show your mate the results and discuss the possibilities of a mortgage. That’s how brilliant this feature is.

But despite the modern credit card mess you might be in, you still have the advantage over your grandparents. You have the convenience of the computer, Internet shopping, and the indispensable mortgage calculator. Now let that calculator work for you when you’re in doubt.

Using a Mortgage Calculator to Compare Loans

The good news is that the FHA mortgage calculator can provide all of these things to you. One of the best ways to use it is to compare the various types of loans that are out there. One of the comparisons you will want to make as a new home owner is to compare the two most common types of loans out there. This were the FHA that is being backed through the federal government as well as the standardized conventional loan. This tool will help you to do just that.

These two types of loans are by far the most commonly used. They allow for individuals to secure the home that they want when they may not otherwise be able to purchase it. When you are considering which one of these two (or any other for that matter) is the right choice for you, take your time to consider what these loans offer. Use a mortgage calculator to help you to determine the cost of them too. This tool will allow you to see what will actually happen if you select the FHA or the conventional.

This is the most ideal of ways to see the benefits of your home loan purchase. You may compare what are the benefits of having FHA with that of having the conventional type of loan. Remember that this tool is free to use, offers no obligation to you, and is a simple, easy-to-use product. What’s more is that the mortgage calculator can provide you with information about how to save money on the purchase of your home.

FHA Mortgage calculator will tell you how much the home loan will cost in total. It will tell you how much you are spending on interest as well. It will also help you to see how much you will have to pay in monthly payments. This is just some of what the mortgage calculator can provide for you. Because these two types of loans often have different interest rates, some have different terms and fees; you will want to see what all of that means to you in dollars and cents. This tool can provide just that for you. You will simply input the different information from the loans, click a button and have the answers. Go back and do it again to see what the other loan will provide. More details here:

A FHA mortgage calculator is a pretty interesting tool. It is used on the websites of many lenders to show what the various options are in the loan products that they can offer. The hope is that an individual will come to the website, punch in the numbers to the loans they would like to have and see how much of a home they can afford to pay for each month. However, this little tool can do many more things for you as well. With home buying, you need every advantage that you can get to get the best interest rates, the best terms, and the most highly affordable home loan that you can get.

Homeowners with an FHA Mortgage: Streamline it – Save Money

So many people over the years have become homeowners by getting an FHA loan. At the time of purchase of a house, an FHA loan gave all the features that made it an attractive alternative to other loans. Expanded qualifying, competitive rate and low out of pocket expenses turned renters into buyers. Now as time has passed, if you have a high rate that needs to be refinanced, FHA may again be the way to go to save money as the best option. Thus, using FHA mortgage calculator can be a help for more security of your money.

An FHA streamline loan option is already built into your existing mortgage. One feature it offers is that you can get a new lower rate loan, if it is available, without reappraising your property. You just need to take the step to contact an approved FHA lender to get the details and see what it could mean to you in monthly payment savings. You will have a new mortgage process to go through, but it is abbreviated since there is no appraisal involved. On the mortgage application the sections that relate to income, assets, and debts do not need to be completed. The full process should easily be wrapped up in less than 30 days.

If you have an FHA loan on an investment property, even if you originally lived in it, you will only be eligible to refinance the current mortgage balance. All closing costs and pre-paid will be paid out of pocket at escrow. You will not be able to add these costs to your new loan.

An appraisal could be done in processing the loan. If the density formulas above do not pencil out, you may need to establish a higher current value to avoid out of pocket expenses at escrow. This gives flexibility provided the property has appreciated. The credit qualifying portion is still waived.

You will not get cash back from this loan. This program is designed strictly to lower payments. This is a benefit that is given to the mortgage payer to make it easier to continue mortgage payments as time goes on. The amount of the new loan will be the lesser of either the original loan amount or the existing debt. The original loan amount is the amount of the loan at the time you took out the present FHA mortgage. Existing debt can include the current loan amount, closing costs, reasonable discount points and prepaid expenses necessary to close a new loan. The upfront mortgage insurance on the loan to be paid off is subtracted out of these calculations. These two options are only available to you if you occupy the home as your residence.

With the increase in mortgage rates over the last year, some people who have existing FHA ARM mortgages may be concerned that their annual rate adjustments could be climbing. You can use the FHA streamline program and use the FHA mortgage calculator to switch to a fixed rate FHA mortgage as long as the new rate is no more than two percent more than the current rate on your loan. If you feel that for your circumstances it would be better to go from a fixed rate to an ARM the new rate needs to be two percent less than the rate on the current loan.

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