Mortgage loans: Using mortgage calculators for shopping mortgage quotes

Finding a mortgage before shopping for a new home makes to home buying process smoother. Although many home buyers make an offer on a home before finding a mortgage, this can lead to delays and problems during the mortgage approval process. Here are some tips for evaluating and comparing mortgage quotes. You can do this from the comfort of home with the assistance of free online mortgage calculators.

Mortgage calculators: Estimating affordability and potential savings

The mortgage payment calculator estimates your monthly P&I payment based on a mortgage amount, mortgage rate, and repayment term. When using this calculator, please keep in mind that the calculator does not include extra amounts required for paying insurance and property taxes. Ideally, your total monthly payment should not exceed one third of your gross monthly income. FHA loan requirements are more lenient, but the less of your income you have to spend on payments, the more likely your mortgage application will be approved.

When you've received multiple mortgage quotes, you can use a mortgage comparison calculator for determining which mortgage option is most affordable. Again, mortgage calculators provide estimates based solely on the information provided; they cannot account for individual circumstances and situations that can arise during the loan approval or between the time you submit a purchase offer and your mortgage closes.

Mortgage Lenders: How much cash will you need?

In addition to a down payment, you also pay up-front charges collectively known as closing costs. Using a closing costs calculator can help with estimating closing costs, and mortgage lenders include typical costs in their good faith estimates. These costs vary according to individual circumstances.

Using online mortgage calculators for comparing mortgages, mortgage rates, and mortgage quotes can help you find the best mortgages appropriate for your present needs and future goals.



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