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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

When Should I Get Approved for a Home Loan?

One of the first steps to take when you decide to buy a home is getting pre-approved for a mortgage. It is important to know what it means to get pre-approved for a home loan, and what the pre-approval letter does and doesn’t do for your home buying chances.

What Affects a Home Loan Applicant's Credit the Most?

A home loan is one of the most important investments you can make. Buying a home means owning property, and being a homeowner means there's potential to watch your investment grow in value over time.  But first, the lender has to make sure the borrower is a good credit risk.

When Buying with an FHA Loan, Don't Skip the Home Inspection

This wait isn’t easy when you've been shopping for a new home. But getting a home inspection is a crucial step, and not one you should consider skipping. Make sure you hire a reliable home inspector, wait for your inspection report, and watch out for these red flags. 

Reasons for FHA Refinancing

Interest rates started to decline in 2019 and still seem considerably low. The average rate for a 30-year, fixed rate home loan has fallen from 4.94% in November 2018 to 3.13% in October 2021. A point drop in your interest rate could translate to huge savings with each monthly payment

What You Need to Know About the FHA Rehab Loan

The FHA Rehabilitation Loan program allows lenders to cover the purchase or refinance, as well as the rehabilitation of the home, as part of a single mortgage. This loan can be used to finance a property that is at least one year old with a total cost of repairs amounting to at least $5,000

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