Did You Know?

FHA loans are one of the best options for young, first-time home buyers who have not had as much time to save for a large down payment or establish a high credit score.

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Why You Should Use a Mortgage Calculator


Why You Should Use a Mortgage Calculator
Even if you aren’t considering your home loan options right this second, it’s smart to know your options if you decide to pursue a new home later. To that end, using a mortgage calculator is a smart choice for setting some basic budgeting parameters as you plan your path toward home ownership.

A mortgage calculator helps you plan for future financial scenarios, such as buying new or refinancing a current home. A mortgage calculator allows borrowers to compare current mortgage terms with potential refinance options. Users can determine the potential savings and assess whether refinancing is worthwhile by inputting the new interest rate and loan term.

Creating Financial Strategy to Own Your Home

A mortgage calculator can help you determine how much and how often to pay. Making extra principal payments on a mortgage can accelerate the payoff of a mortgage and save thousands of dollars in interest. Knowing how to use your income to maximize your investment is good.

A mortgage calculator can show you the effects of making additional payments each month. Depending on your strategy, it’s an option you may consider along with other financial obligations. How much will you help yourself by planning your repayment efforts?

By inputting the extra payment amount into the calculator, users can see how much sooner they can pay off their mortgage and how much money that may leave them for other purposes.

Understanding Amortization and Equity Building

A mortgage calculator can provide insights into the home loan repayment schedule and equity building. Some calculators are designed to generate a repayment schedule illustrating how each monthly payment is allocated between principal and interest over the life of the loan. 

This schedule provides valuable insights into how equity builds over time. And when you track the principal balance over time, you can estimate their equity in the home. 

Comparing Different Mortgage Products

Mortgage calculators help you compare different mortgage products, such as fixed-rate mortgages, adjustable-rate mortgages (ARMs), and government-backed loans. ARMs offer lower initial interest rates.

But those rates will change over time. A mortgage calculator can help users compare the potential costs of ARMs with fixed-rate mortgages, allowing them to consider the risks of each option.

Government-backed loans, such as FHA, VA, and USDA loans, have specific costs associated with those loans. A mortgage calculator can help users estimate the costs associated with a specific type of government-guaranteed home loan.
See Your Credit Scores From All 3 Bureaus
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FHA Loan Articles

FHA Appraisal Rules for Basements

The appraisal process is a very important part of buying a home. When you are budgeting and planning for your loan, you may want to set aside some extra funds in case there are corrections required as the result of an appraisal.

How One-Time Construction Loan Funding Works

There is a major question some new borrowers have about home loans in general, that also applies to construction loans in particular. If you want to apply for an FHA One-Time Close construction loan, there are certain rules about loan funding that you should know about.

What Kind of Home Loan Works for Me?

Once you’ve decided that you’ll be purchasing a home, one of the first questions you need to ask yourself is what kind of mortgage you’ll be using to finance it. When it comes to shopping for a home loan, there are a number of options to consider.

Everything You Should Know About Appraising for a Refinance

Savvy homeowners make it a point to monitor interest rates so they can take advantage of a drop. Many choose to refinance their mortgages to capitalize on falling rates and lower their monthly payments and save on interest.

Down Payments for FHA Loans

One of the major hurdles that keeps families from purchasing a home is the need for a down payment.  The FHA’s goal is to offer more homebuying opportunities to low- and moderate-income Americans and set more easily achievable down payment requirements for borrowers. 

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