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Advice On How to Use a Mortgage Calculator
Use 2 to 3 scenarios when calculating your mortgage payment. First, add up your monthly credit cards and car payment with your existing mortgage payment than add that total amount (credit cards and/or car payment) to your new mortgage amount to see how much money you can save if you payoff your high interest debt.
Secondly, use an interest only rate, and compare this to a 30 or 40 years amortization loan and see if the difference is substantial enought to make that decision.
Lastly, Use several adjustable rate scenarios to have an idea of what type of variable rates are best for you.
Some clients like to have three different choices on their monthly mortgage payment, it gives them more flexablity per month, especially if you are self employed and have month to month variances to you income.
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A Few Hints While Looking For Mortgage...
Never get a prepayment penalty on a loan -- you never know when you're going to refinance or sell your home. Also, be careful about shoping your loan to lots of lenders, because too many inquiries will lower your credit score. And one last tip for California Mortgage clients: Pay down at least 50% of the balance on every existing credit card as this will improve your over all total FICO score. |
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