Since I am considering buying a home, I was advised by a friend to do as much research as possible. This friend is a mortgage advisor, but he wants me to do my own homework. SO I went online to check the various mortgages out.
I found out that I could actually use mortgage calculators to determine the best mortgage plan for myself. I need not pay premium rates if I could work around my finances and budget.
In my research, I found that there are actually three calculators. The popular mortgage refinance calculator, which is not applicable to me since it is used for calculating monthly savings should one wish to refinance his current mortgage to a lower interest rate mortgage. This will show if it is worth to refinance or not, and how much savings will one get.
And there is the Simple Loan Calculator which is useful for me. I use this to calculate my monthly payments on a traditional fixed interest loan and the total interest that I would have to pay throughout the duration of the loan.
This is the calculator that I need to compare the various loans available to me that have different interest rates
And lastly, there is the Payday Loan Calculator. For this, I want to show my friend Mark. He is forever in a financial fix. I want to let him calculate for himself how much annual interest rate and monthly interest rate he has to pay just to get a short-term loan. With such high interest rates, no wonder he kept spinning in a bad financial cycle.
I also want to let him read the article "Building and Maintaining Good Credit Rating". His credit rating is so bad, I hope that after reading this article, he will take the necessary steps to build and maintain good credit rating. I hope that he will realise that bad credit s not forever and there are ways to redeem himself, credit-wise!
As for my own mortgage research, I found a comprehensive article on all things mortgage called Mortgage FAQ. This article alone has answered all the questions and doubts I have regarding mortgages!
I found out that I could actually use mortgage calculators to determine the best mortgage plan for myself. I need not pay premium rates if I could work around my finances and budget.
In my research, I found that there are actually three calculators. The popular mortgage refinance calculator, which is not applicable to me since it is used for calculating monthly savings should one wish to refinance his current mortgage to a lower interest rate mortgage. This will show if it is worth to refinance or not, and how much savings will one get.
And there is the Simple Loan Calculator which is useful for me. I use this to calculate my monthly payments on a traditional fixed interest loan and the total interest that I would have to pay throughout the duration of the loan.
This is the calculator that I need to compare the various loans available to me that have different interest rates
And lastly, there is the Payday Loan Calculator. For this, I want to show my friend Mark. He is forever in a financial fix. I want to let him calculate for himself how much annual interest rate and monthly interest rate he has to pay just to get a short-term loan. With such high interest rates, no wonder he kept spinning in a bad financial cycle.
I also want to let him read the article "Building and Maintaining Good Credit Rating". His credit rating is so bad, I hope that after reading this article, he will take the necessary steps to build and maintain good credit rating. I hope that he will realise that bad credit s not forever and there are ways to redeem himself, credit-wise!
As for my own mortgage research, I found a comprehensive article on all things mortgage called Mortgage FAQ. This article alone has answered all the questions and doubts I have regarding mortgages!
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