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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Copyright 2005 Jim Edwards
The largest financial obligation most people ever take on
couldn’t escape the reach of the Internet. Home mortgage loans
originated online comprise an integral part of one of the
largest and most profitable aspects of the banking industry.
Unlike many shifts in big business recently, this change
actually seems to greatly benefit consumers by increasing
competition and placing more financial control in the hands of
homeowners.
To finance or refinance a home in the olden days (before the
Internet), you needed to find a mortgage lender, broker, or
banker who wanted to make a loan for you. Though mortgage
lenders always wanted to make good loans, the process of
gathering information to compare interest rates, points, and
loan programs among lenders presented a tedious task for
borrowers. Without a centralized information source for mortgage
rates, loan programs and financial advice, most people just
called a few banks and went with the lender that seemed to offer
the lowest rate for the least discount points.
Now borrowers can access up-to-the-minute financial information
and economic indicators online. Comparing rates and fees between
lenders takes only the click of a mouse. Loan programs and
mortgage calculators quickly figure the best strategy for
everything from which loan represents the lowest cost over time
to how much money a borrower could save by prepaying their
mortgage on a monthly or bi-weekly basis. Financial tools
available online truly empower any borrower with Internet access.
Though the Internet represents a faster and more hassle-free way
to refinance your first or second mortgage, remember these
important facts:
Loan Programs – Just because the Internet makes the loan process
easier doesn’t mean you should abandon common sense. Take the
time to analyze which loan program best meets your needs based
on the big picture of how long you’ll live in the house, the
payment you can handle comfortably, and how much cash or equity
the lender requires.
Fees – All lenders don’t charge equally. Many offer a lower
interest rate, but make up the discount in fees and charges.
Analyze costs between lenders by obtaining a list of all
associated loan fees known as a “Good Faith Estimate”.
Service – Obtaining a loan online won’t do you a bit of good if
you run into a problem and need to speak with a live human. Make
sure your online lender maintains offline customer service.
Rate Lock-in – The lender’s website should clearly explain their
interest rate lock-in period and policy. Don’t get lured in by a
lender offering a lower rate and points only to find out the
hard way that your interest rate lock expires before you can get
the loan closed.
Loan Commitment – Find out from the lender’s site what legally
binding documentation they provide to document the loan
commitment once you get loan approval.
Though many borrowers use the Internet purely for research,
record numbers now go online to apply and complete the entire
mortgage process on the Web, while saving significant money and
time in the process.
About the author:
Jim Edwards is a consultant specializing in internet mortgage
refinance strategies and consumer home loan information. He is
the author of "The TEN Dirty Little Secrets Of Mortgage
Financing" at http://www.mortgageloantips.com/info.html and
offers a free mortgage e-course at
http://www.mortgageloantips.com/eclass.htm