When it comes to paying your mortgage, you have to make sure that you know what and how much you should be paying for. The thing is, not everyone is gifted when it comes to numbers, and not everyone has accountants whom they could ask to deal with the bills for them.
Lucky for you, there are mortgage calculators that you can actually use to help you deal with your finances.
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What They Do
Generally, mortgage calculators are online calculators that help you know the kind of mortgage loan that suits you best. It will ask you about your credit card balances, or the combined balanced of all the credit cards that you own; your annual gross income, minus taxes and deductions; your combined credit line loan balances; your monthly car loan payment, if any; your estimated monthly payments for your condo or strata, if any; annual property tax payment, and; how much you intend to pay as downpayment. Once all these have been computed, you’ll get to know how much you can actually afford to avoid making wrong decisions.
Interestingly, there are also other types of mortgage calculators that can help you out, and that you can use. For one, there’s the Payment Calculator that helps you know the breakdown of the property that you want to pay, learn renewal and refinancing fees, and understand how rates are continuously changing. This way, you’d know that rates are current – and you would not focus on what’s already passé.
If you’d choose not to refinance the mortgage, you would have to deal with appraisal fees, blended penalties, and not to mention, wasted time and effort of both you and your mortgage broker, too.
Next up is the Transfer Tax calculator that helps you know the amount of taxes you should be paying based on where you are living, and on whether you are a first time buyer or not.
You can also try the Rate Game calculator which allows you to know which rates would really suit you best, and why. It’s a great way of finding the lowest mortgage rate so you’d have more value for your money! It’s also a good way of filtering out what’s considered to be “bad weeds” in the mortgage industry.
Lastly, you can try the Lowest Rates calculator so you would be able to know the lowest rates, and percentage of interest for each fixed amortization year. This calculator also involves a lot of filters that you can use to get a really detailed analysis of what you’d have to pay–perfect, especially for first time buyers! It will also help you know rates that you could expect from different lenders so you’d be prepared as to what you have to shell out.
Preparedness And Stability
As you can see, the various mortgage calculators could help you out when it comes to the different aspects of paying your mortgage. They’d be able to help you prepare well for this tedious task, and lessen the risk of you being tagged as an irresponsible citizen.
With the calculators’ help, and by finding a competent and knowledgeable mortgage broker, the process of paying your mortgage would be hassle-free and so much easier to deal with!
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