Mortgage Calculator Helps You Find The Right Mortgage

Your dream house may not be everyone else's idea of "Home, Sweet Home," but it's going to be all yours.



Now if you can just figure out how to finance that bit of real estate. Not wanting to leave any stone unturned, you're on this site to get some background for your decision.



One kind of mortgage calculator ("how much house can I afford" type) takes a look at your budget and, with your input, works out how much you can afford to pay, either monthly or annually. Some are not comprehensive enough to take into account taxes, insurance and the increased costs of homeownership.



It's worth your extra time to pull up several of these mortgage calculators and run your numbers through them for comparison. Then you're ready for the next step.



The fixed rate mortgage gives you the same monthly payment for the life of your mortgage. That's what you just worked through. This means you can set up your household budget more precisely and have greater control over how your money is spent.



A "how much can I borrow" mortgage calculator helps you work out how much you can afford to pay for the house altogether.



Can you afford that dream home? Maybe yes; maybe no.



It also depends upon the interest rates you negotiate with the lender, an increase in the size of your down payment, the number of years you want the note for and the actual price you negotiate for the house.



Using the mortgage calculator, you can input these factors individually and see what happens to your bottom line. A small additional prepayment to your regular mortgage payment may be what pushes you over the top.



A prepayment mortgage calculator can show you what it means over the life of your note. The beauty of the prepayment is that it is optional, not contractual.



Unlike an Adjustable Rate Mortgage (ARM), you are not locked in to an increase every one to five years. You're only responsible to make the original mortgage payment. If you are not so financially constrained with a monthly budget, and prefer to have a lower rate of interest to start, then use an ARM mortgage calculator.



This will give you a rough idea of monthly payment over a period of time. ARMs do have the distinct disadvantage of putting your home in danger financially should the interest rates rise dramatically.



You need to use the mortgage calculator to find out what your optimum interest rate would be before you reached that financial crisis. Make sure that the price of the house you buy gives you quite a large safety net so that the interest rate can rise without danger. The beauty of mortgage calculators is that you get experiment before committing anything to paper or even speaking realtors or lenders.



You find the information you need to complete the mortgage calculator's questions by using your own financial information, an approximate house price and the rates advertised on any piece of junk mail that's arrived in your mailbox. You work in the privacy of your own home without the fear of being hounded by a salesman doing follow-ups!



Take the preferred options you worked out on the mortgage calculator with you when you begin discussions with the broker.



It's proof of your intentions and serves warning of your willingness to follow up on those you're negotiating with.

Credit History Stopping You From Getting Mortgage Loan You Want? Learn What's On Your Credit Report

Credit History Stopping You From Getting Mortgage Loan You Want? Learn What's On Your Credit Report Have you ever been denied a credit card or home loan, Visit Here http://credit-cash-loan.blogspot.com and you simply just didn’t know why? The credit provider or lender told you that your credit history just wasn’t up to par in order to qualify for the line of credit or loan. Well sure you made a few mistakes in the past, perhaps a few late payments, and of course there is some debt that you are aware of.



But then again, doesn’t everyone? You certainly didn’t believe that your credit report history was bad enough to not qualify for a credit card or loan, even at a higher interest rate. Let me tell you a secret, many people have absolutely no idea what is on their credit report! Your credit report has, in the past, been something not readily available to you, or an expensive item to attain. Many people are just not aware that your credit history can determine your financial activities for your entire life.



This is becoming more prevalent as credit awareness and education is deemed necessary. So it is important to always be apprised as to what is really on your credit report! There can be either two items on your credit report: accurate or inaccurate. Credit providers may have reported inaccurate information on your report! Mistakes happen that you may not even be aware of. A move, changed phone number, lost mail, open credit cards from 15 years ago that you simply didn’t know existed, and other easily overlooked or forgotten items do happen, more than one might think.



Hey, who has time to keep track of every single financial item when life, as we know it (busy, fast paced) is hardly ever forgiving? Many people get down on themselves for having a bad credit score. But this is not necessary! It is not a reflection of who you are. Really. You may have never been educated on how to handle your finances or extenuating circumstances may have greatly effected your credit. So in order to stay on top of your credit history, and not be blind sided by an embarrassing, unexpected rejection, check your credit report! Credit reports are no longer some far off document that is hard to get a hold of.



After all, it is YOUR credit report, right? Shouldn’t you have easy access to it? Well somebody else thought you should too, and the Fair Credit Report Act (FCRA) was enacted just for this reason. Here are the terms: • Every person is entitled to a free credit report if a credit company takes an adverse action against you, or if your application for credit or insurance is denied. • You are entitled to a free credit report if you are unemployed and plan to get a job in 60 days, are on welfare, or if your report is inaccurate because of fraud including identity theft.



• Equifax, Experian and Transunion, all nationwide consumer reporting companies, are required to provide you with a free copy of your credit report every 12 months. Now there is no excuse for you not to keep on top of your very important credit report. All you have to do is go to and request your free report! Or, you can call 1-877-322-8228. Always check your credit report before you apply for any mortgage loan or line of credit. So you have your credit report, what next? Evaluate each item as accurate or inaccurate.



Which items can you clear quickly by simply closing a card or calling a creditor and paying off an old debt? If there are inaccurate items, you must make a dispute in writing with supporting information. This means copies of any documents that support your claim. You must send this information to both the credit consumer company as well as the credit provider. If your dispute is accepted and changes are made, the company must send you the changes in writing as well as send you a new credit report with the inaccurate information removed.



The credit provider may not make the same claim against you again. If you find inaccurate information and get it fixed, then your credit report will be better, and another step towards getting that lower mortgage rate has been made! If there are negative items that are accurate on your report, then you must take action towards fixing them! If you are not sure what to do, consult a financial advisor at your bank who can help you set up a repayment plan, consolidate debt if need be, or even investigate debt forgiveness.



Negative items will stay on the credit report up to seven years, but if you make an effort to begin paying back debts, and show you are serious about qualifying for a mortgage loan, then you are yet closer to proving to a mortgage lender that you are both willing and able to pay back a loan. And these two things: willingness and ability are exactly what a lender evaluates when considering a person for a loan. Fixing your credit of accurate negative items takes personal effort and time.



However, fixing inaccurate information that can greatly increase your credit score, can be done fairly quickly. If you are serious about getting a mortgage loan, or even a better mortgage loan to save you money, consult your credit report before you take any steps at all!Visit Here http://credit-cash-loan.blogspot.com

Get the Best Rate on Your Home Mortgage Loan

Home mortgage interest rates hit record lows in 2004 and have remained at record lows as we go through 2005. It is possible today to get a thirty-year fixed rate home mortgage loan for under five percent, and an adjustable rate mortgage can be found for under four percent if you look hard enough!

However, record low mortgage rates do not mean that you should take the first mortgage offer made to you, even if it sounds low.



On the contrary, it means that shopping around for the best mortgage possible may be even more beneficial then during a high market period.

If you solicit mortgage rate quotes from enough lenders and pay attention to economic news, you might be able to secure a home mortgage loan at an interest rate that you will not see offered again in your lifetime.

Solicit Several Mortgage Rate Quotes

In order to get the best deal on anything in America, it is important to shop around.



Securing a home mortgage loan or a and 2nd mortgage is no exception to the rule. If you are the type of consumer who likes to walk into the first store that you see and buy what you need without comparing your options, then you might also be inclined to accept the first home mortgage loan offered to you.

Doing so would be a big mistake. Unless you have a long term established relationship with a lender who considers you one of his best customers and is willing to loan money to you at the prime interest rate, then in order to get the best possible home mortgage loan you will need to "shop" and compare lenders.



Because the home mortgage rate is so volatile right now, it often changes during the course of one business day. Therefore, it is best to solicit all of your mortgage rate quotes on the same day. Compare offers from various lenders, and request a rate lock from the lender offering the best choice.

Why the Home Mortgage Interest Rate Matters So Much

The interest rate that you secure your home mortgage loan at will have a big impact on the total amount that you end up paying for your home by the time the loan is paid in full.



To illustrate this, let's say that you buy a home for $150,000 using a 30 year fixed mortgage with a 6 percent interest rate. By the time the home mortgage is paid in full it will have ended up costing you almost three times the original cost of the home. Using the same home and the same 30 year fixed mortgage, but lowering the interest rate by only one percentage point, down to a 5 percent interest rate, will save you approximately $100,000 over the life of the home mortgage loan.



Clearly, getting the best possible interest rate on your home mortgage loan is one of the most important economic decisions you will face. Since mortgage rates are at an all time loan, now is a great time to gather some home mortgage rate quotes!

Copyright 2005 Tracy Price

Tracy Price is a staff writer at http://www.2nd-mortgage-tips.com
Providing free educational information on mortgages, 2nd mortgages, home refinancing, etc.



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Best Mortgage Rates For Your Credit Score

While mortgage rates continue to be at all time lows, your credit score still plays a critical role in getting approved for the best possible rates. As banks have been forced to be more selective with the people they lend money to, it is harder than ever before to get a home mortgage or refinance. Getting approved for the best possible rates is even harder.



When applying for a loan, your credit score is the most important part of getting approved for a mortgage.



What used to be a good credit score is now only considered fair credit, and the standards to achieve excellent credit are even higher. For instance, while a 720 is about the average credit score and in the past it would qualify for the best possible rates, it could be difficult to get approved for a loan today.



Knowing where you stand can help you prepare for buying a new home or refinancing your current home mortgage. If you are surprised to see your score is lower than you expected it to be, there are a number of things you can do to quickly increase it to get the loan you need.



The firs step is knowing where you stand on the credit rating scale. From there you can do what is necessary to make sure you get approved for the best mortgage rates. Doing so will save you hundreds of dollars a month and several thousand dollars a year. This savings is money that you would otherwise be just giving away to banks for paying a higher interest rate on your home. Make sure you are putting more money towards owning equity in your home and paying less money in interest.