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Five Ways to Benefit From Free Home Loan Calculator

The influence of technology and of the internet can be seen and felt everywhere these days, even in the housing market. An incredible 80% of home buyers now use the internet for at least part of their search. In response to this a large number of home loan calculators can now be found online. Although all these home equity loan calculators have slightly different features they all share some basic functions and provide a valuable insight into the home mortgage process. But what are these valuable functions that they perform? Let’s take a look.

Monthly payment

A home loan calculator is able to calculate monthly mortgage payments. All you have to do is input the length and total amount of your mortgage, along with the starting date, interest rate and the program will give you a monthly payment figure.

Some additional features that you will be able to find on various version of a home loan calculator are; how beneficial it might be to make extra or increased monthly payments and how quickly you would be able to pay off your loan if you did so.

Amortization

A home mortgage loan calculator can also help you calculate your amortization schedule; regardless of whether or not this schedule is based on pre-payments you can still get a monthly figure.

This is calculated by use of the following data; the amount borrowed, the term, and the annual rate of interest. Once the monthly figure has been calculated the amortization schedule can be created.

Bi-Weekly Mortgage

These online calculators can also help you figure out additional payments by doing some bi-weekly mortgage payment calculations. These are fairly painless ways of making additional payments which can save you paying interest and thus shorten the term.

The data that is needed to do this is the balance of the loan, the annual interest rate and the amortization period. Once these have been inputted it is simple for the program to offer you the required information.

Scenarios

As well as offering you these hard figures these home loan calculators can also help with answering ‘what if?’ queries. It is possible to make comparison between different possible actions to determine which scenario is better for you. For example, you can work out how the size of your initial down payment will affect the amount of monthly repayment.

Missing Variables

Home loan calculator can also estimate things like; how much money you would have to earn in order to afford a particular mortgage.

There are so many good home equity loan calculators to found online that you just need to enter the term into your favorite search engine and you will be rewarded with thousands of choices. Once you have found one that you are comfortable with it will become a good friend helping you answer the questions you have about making the right decision on a good home mortgage.

Home Loan Modifications Have Myths and Misunderstandings

There is a cloud looming around the topic of home loan modifications. Homeowners may think they do not qualify for a modified loan because of inaccurate information they may have heard. It is not as difficult, although there are several requirements, to apply and possibly obtain a loan modification.

Below you will find some myths about home loan modification and what the real answers are. Homeowners have nothing to fear, if it will keep them in their homes.

MYTH: It doesn’t matter what your mortgage payment history includes, homeowners are eligible for home loan mod: There are several criteria a homeowner needs to meet to be eligible for home modified loan. If you qualify for refinancing, then you are not eligible for a home modification process. Refinancing is saying that you are in not as much of a financial problem as someone applying for a modified loan, whether this is accurate or not. For loan modification you need to be in severe financial crisis because of any of or a combination of their income, climbing debt, job loss, etc. To qualify it is important to prove you are really unable to make your mortgage rate as it is currently.

MYTH: Being late on your mortgage payment qualifies you for a modified loan:
You, the homeowner, do not need to be late, but it really helps catch the attention of the lender. Lenders have many homeowners who they are trying to keep an eye on, and it is difficult, so someone who is late catches their eyes quickly. Being late can help suggest to the lender to move a modification forward.

MYTH: It is expensive to apply for a home loan modification:
Homeowners need to be informed of all their options on firms in their area and look around at all the possible firms in their area. Like anything else, there are expensive and cheaper options. Some firms are even available that do not charge for an initial service or until the loan modification application is approved.

MYTH: Your not so good credit score disqualifies you for a loan mod:
Applying for modified loan is not applying for a new loan/refinancing, it is making an adjustment to the loan to help fit the financial situation of the homeowner. If a homeowner has not so great credit, then they may be able to improve their credit because they are making regular, smaller payments on their mortgage.

Refinance FHA Home Loan – Refinancing FHA Loans Info!

Are you looking for ways to save money in this tough economy? One of the first places to look is your mortgage payments if you owned a home. And if your mortgage in an FHA mortgage you may be able to save money with a Refinance FHA Home Loan.

First, an FHA loan is a loan that guarantees your lender that in case you default on your payments, the loan will be taken over by the Federal Housing Administration. In other words, your loan is guaranteed to be repaid and the lender has undertaken less of a risk.

It is not a government loan and no taxpayers’ money goes to fund the loan repayment. It is fully funded by the mortgage insurance premiums paid by the borrowers. It was created by congress in 1934 to provide a stimulus to the housing construction business. In that time it has been able to insure over 34 million home mortgages.

For most people the purchase of a home is the single biggest investment that they will make during their lifetime. Investments are made monthly in the form of mortgage payments and the capital builds in the form of equity.

After a few years there is an appreciable return on the investment and there may be reasons to Refinance FHA Home Loan for things such as college tuition or even a vacation to get away from it all. If you are still in the home as your principal residence you may have the option to Refinance FHA Home Loan.

Refinancing FHA loans have become very popular in the last couple if years because it is easy to do and the interest rates are at decades low. You can get

One of the most popular ways to Refinance FHA Home Loan is through a procedure referred to as cash out refinancing. If you own a home that has appreciated and the principal from your monthly payments has been allowed to accumulate you may own a lot more home than your present mortgage indicates. You would then Refinance FHA Home Loan for the current value and possibly at a lower interest rate. Your old mortgage would be paid off and you would be left with the new one and a cash settlement in your pocket.

If your original home loan is an FHA loan and is in good standing, and you do not want cash back you may be able to qualify for FHA streamlined refinancing. The advantage here is that your monthly payment is reduced so that you have extra cash on a reoccurring basis. Your loan payment time may be extended but there is a chance your interest rates may drop. Check with your loan officer to see if you qualify for streamlined refinancing and if there would be an advantage to you to do this.

Refinancing FHA loans is one of the best options to reduce your mortgage payments. You can get more information by clicking the links below. The ease and the lower interest rates are certainly good reasons to check to see if you can lower your mortgage payments with a Refinance FHA Home Loan!