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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.
Shopping for a Mortgage, Avoid Three Common Mistakes
Buying a home or refinancing one is perhaps the largest
financial transaction you will ever make in your life, so you
want to be sure to avoid any mistakes that may cost you in the
long run.
When you are deciding on a mortgage, you certainly don’t want to
make your decision by flipping a coin.
You will have to do as much research as you possibly can, so
that you will understand all of the jargon the people in the
mortgage industry will throw at you.
Here are three common mistakes that people make when deciding on
a mortgage.
1. Settling for a high interest rate.
When you are shopping around for a mortgage, one of the most
important factors is the interest rate. The interest rate will
ultimately decide how much money you will be spending at the
closing table and how much you will be spending in charges over
the life of the loan.
The difference between a percentage and half a percentage could
mean thousands of dollars over the life of the loan.
So shop around, if you speak with four different loan officers,
I can assure you, you will get four different rates, obviously
you want to go with the one that is the lowest.
Don’t be afraid to ask questions. Ask how the rate is
determined. Sometimes loan officers can make a little extra
commission by raising the rate a little bit.
2. Read your good faith estimate
When you decide on a mortgage and a lender, they will send you
disclosure documents, they are required to send these by law.
Inside of these documents you will find a good faith estimate.
This is an accurate estimate of what you can expect your closing
costs to be when you go to settlement.
Read every part of this document line for line and word for
word. If there is anything on there that you don’t understand,
call your loan officer and go over it together.
Your loan officer will most likely want to mail you these
documents. This is fine. However, if you can meet somewhere to
go over it together, than all the better.
But read your good faith estimate very carefully before you sign
it, this could save you anywhere from a couple of hundred
dollars to a couple of thousand.
3. Don’t be afraid to shop around
If at any time a lender or loan officer tells you not to deal
with anyone else because it may be detrimental to the loan or to
your credit, they are lying. If this happens, they are trying to
scare you out of doing business with anyone else.
Feel free to shop around as much as you would like. Do as much
research as you can before making a decision. So when you
finally do make a decision on a mortgage, you can avoid the
pitfalls that people so often make.
About the author:
Jay Conners has more than fifteen years of experience in the
banking and Mortgage Industry, He is the owner of
http://www.jconners.com, a mortgage resource site, he is also
the owner of http://www.callprospect.com, a mortgage lead
company.