How do you find various characteristics of a mortgage?
Submitted by admin on August 7, 2009 – 11:42 am4 Comments
I need to know how to calculate the value of a mortgage from the asking price when you pay a 15% down payment. I also need to know, given a 3.5%/year interest rate over 15 years, how to calculate the equivalent interest rate per month and the monthly mortgage payment
Hey Brynn,
Try a real estate site. Or ask a mortgage person or realtor.
No way to calculate payments w/o a purchase price.
Good luck.
The estate agent and the mortgage lender.
References :
Hey Brynn,
Try a real estate site. Or ask a mortgage person or realtor.
No way to calculate payments w/o a purchase price.
Good luck.
References :
Finance and Mortgage Consultant since 1978
While you’re shopping for mortgage rates, make sure that you’re doing it the right way.
You should make yourself accustomed to the fundamental mortgage rate structures prior to doing any shopping. You have to know the difference between an adjustable rate mortgage and a fixed rate mortgage. An adjustable rate mortgage is also named as an ARM. There are scores of websites that feature glossaries to help you get some idea about fundamental mortgage terminology. In addition, they also clarify how these loans function.
You should initially compare rates on the Internet. There are a plethora of websites that you can use for shopping and comparing. Sites like Lendingtree.com would provide you rate quotes from various lenders simultaneously.
Communicate with a lender in your neighborhood for rate quotes, beginning with your own bank. They frequently offer reasonable rates to their existing clients on the basis of the account relationships. Apart from this, if there is any difficulty at some time in the future, it is always advisable that you discuss directly with your lender.
Note down all the information related to your comparison shopping. If you obtain quotes for ARMs, record the term. For instance, write down whether it is a 7/1 ARM or a 3/1 ARM. They would have quite distinct rates throughout the fixed rate phase. Furthermore, they might have various margins once the adjustable rate component of the mortgage loan sets in.
Inquire regarding the necessary charges and probable points. You might feel that you’ve got an affordable rate but subsequently find out that for the purpose of obtaining that rate, the necessary minimum points or loan amount are quite high. Points are type of fees that you pay as upfront charges for reducing your mortgage rates. If you don’t intend to hold your mortgage for minimum 10 years, your finances would be hit badly if you need to pay any points.
Look for trustworthy mortgage lenders and stay away from unscrupulous mortgage brokers. Their sole concern is to have you on their records for selling your mortgage to somebody else and they don’t do anything that would serve your best interest.
http://hardshiplettersample.com/
References :
Your best bet would probably be to use a mortgage calculator like this one: http://www.mortgagecalculator.org/. You can plug in all of your specific information and figure out what your payments would be. Hope this helps.
http://www.myzipmortgage.com/home.php
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