How Do I Use A Mortgage Qualification Calculator?

How Do I Use A Mortgage Qualification Calculator?Basics

Mortgage calculators can help you decide a number of issues, including:

The most basic thing to consider is how much debt you will have with a mortgage, and compare this to your pretax income. Lenders generally like to see you debt/income ratio to be no more than 40%, although many go higher than this and some as high as 55%.

To figure out your total income you should add:

Income Continue reading

Options For People in Underwater Mortgages

Options For People in Underwater MortgagesThere are numerous questions regarding “underwater” mortgages, or people who currently owe more than their home is worth. Here is Quicken Loans’ expert response on this topic.

Like so many others, I owe more than my home is worth, and even paying large monthly payments, the balance does not descend that much. At this rate I’ll be paying this house off ’til I’m 158 – in 100 years. Continue reading

Simple Property Mortgage Calculator – How Does it Work?

Simple Property Mortgage Calculator - How Does it Work?Are you looking for a free, simple property mortgage calculator to calculate your mortgage loan payment? It is important to know how much you are going to pay for your home loan every single month, so you can easily plan your finances ahead.

Your simple mortgage calculator helps you find out more about your payment plans depending on the amount you are receiving as your mortgage loan and the interest Continue reading

Mortgage Rates Experience Historic Drops

Mortgage Rates Experience Historic DropsMortgage rates experienced a historic drop this month. 30 Year rates fell from 5.97 to 5.53. This is the lowest rates have been since January 2008. But I think this understates how low mortgage rates are this week so I did a little research. Since 1974 rates have been lower than today’s rates only four times. Below are the dates and mortgage rates.

1) June 2003 5.23 2) March 2004 5.45 3) May 2003 5.48 4) January Continue reading

All That You Need To Know About Refinancing A Loan

All That You Need To Know About Refinancing A LoanYou refinance a loan when you want to pay off your existing loan with the money from the new loan. To do so, you can mortgage or set your property against which you had taken the earlier loan as a collateral. This happens when you want to capitalize on the lower interest rates and pay off the monthly payments at a lower rate. It also helps to pay off the mortgage at a reduced Continue reading

What is Mortgage Modification?

What is Mortgage Modification?We all want to own a house and it’s pretty easier these days to get a loan but with the recent economic fall out, a lot of people are now worried whether they can continue paying their mortgage or not. President Barack Obama recently designed a new federal plan which is intended to help homeowners work around a new mortgage plan. Mortgage modification simply signifies a loss mitigation Continue reading

The Most Useful Mortgage Calculator

The Most Useful Mortgage CalculatorA quick search and you will find the best deal will be around 6.5%, that is the same kind of rates we saw two years ago when the Bank of England base rate was 5%. Of course we all know the banks are being very cautious with their lending.

The mortgage application process is a long process. My suggestion is to make use of a mortgage calculator to find out if you would be wasting your time Continue reading