Sunday, February 26, 2006

Online Mortgage Calculators: What Can They Do For You?

Author: Dylan Miles

If you are planning on applying for a mortgage, the very best thing you can do before you do anything else is to locate and use a mortgage calculator. You can find many loan and mortgage calculators online. Simply use your favorite web browser and conduct a quick Internet search for online mortgage calculators. Your search will bring up many websites that offer you the use of their online mortgage calculators for free.

What can an online mortgage calculator do for me?

Online mortgage calculators can help you make informed decisions about the type of mortgage that best suits you. They will also help you gauge the amount of mortgage that you can actually afford to repay. There are so many types of mortgages out there and you need to know all about them, how they compare, and which ones are best for you. There are fixed rate mortgages and adjustable rate mortgages. Online mortgage calculators can calculate payments and determine whether your choice of mortgage is the right one for you.

Online mortgage calculators can help you to:

1. Determine what mortgage amount is affordable depending on your financial situation now and in the near future. 2. Determine other information vital to applying for a mortgage. 3. Determine your monthly payments by calculating loan amount, length of loan, interest rates, and terms. 4. Compare different mortgage products, e.g. fixed rate versus adjustable rates. You can also compare 30 year and 15 year mortgages. 5. Determine how extra payments will help you decrease the number of years of the mortgage payments.

Before you make any decision about the mortgage process, do yourself a favour and use one of the hundreds of online loan and mortgage calculators hosted by various companies, such as Bankrate.com, Calcbuilder.com, Interest.com, HSH.com.

About the author: Dylan Miles, journalist, and publisher, is the owner and co-editor of http://www.coolfreestuff.info on which you will find more a detailed version of this article.

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