Tags: Mortgage calculator | home mortgage | mortgage loan | mortgage refinancing | mortgage

5 Things you Need to Know About Mortgages

Thursday, 17 Mar 2011 09:53 AM

Here are five things you need to know about home mortgages:
  1. Almost all the mortgage providers, and some third-party entities such as financial portals, provide mortgage calculators on their websites. With the help of mortgage calculators, you can estimate your possible monthly repayment after providing details such as total loan amount and interest rate applicable. After providing details like salary and other income, mortgage calculators also help you know the amount you are eligible for while seeking mortgage loans.
  2. It is advisable to consider all the additional expenses beyond interest rates before deciding on a mortgage. Most mortgage calculators are designed to provide details of possible extra charges associated with a home mortgage loan. The mortgage refinancing calculators would provide you with a comparison of the costs associated with your existing mortgage and the new mortgage offer.
  3. You should consider mortgage refinancing when interest rates have fallen, and when your credit scores have improved as it might make you eligible for cheaper home mortgage interest rates. However, as the home figures among your most valuable assets, you must be careful in selecting the mortgage provider, especially in case of mortgage refinancing, as there might be some risks associated with the extra benefits coming from a cheaper interest rate.
  4. Mortgage refinancing can also help you decrease the term of the home mortgage. However, this objective can also be achieved through lump-sum payments of a part of the outstanding principal.
  5. It is advisable to consult online mortgage calculators of established and renowned entities. Besides banks, other mortgage providers, and financial portals, a number of government departments also provide such mortgage calculators on their websites. For mortgage refinancing, these calculators would require you to provide details like outstanding principal, interest rates, remaining term of your existing mortgage, and the costs associated with pre-payment of the loan.

© Newsmax. All rights reserved.

PLEASE NOTE: All information presented on Newsmax.com is for informational purposes only. It is not specific medical advice for any individual. All answers to reader questions are provided for informational purposes only. All information presented on our websites should not be construed as medical consultation or instruction. You should take no action solely on the basis of this publication’s contents. Readers are advised to consult a health professional about any issue regarding their health and well-being. While the information found on our websites is believed to be sensible and accurate based on the author’s best judgment, readers who fail to seek counsel from appropriate health professionals assume risk of any potential ill effects. The opinions expressed in Newsmaxhealth.com and Newsmax.com do not necessarily reflect those of Newsmax Media. Please note that this advice is generic and not specific to any individual. You should consult with your doctor before undertaking any medical or nutritional course of action.

Keeping you up to speed on Lifestyle, health, and money-saving tips
Get me on Fast Features
Keeping you up to speed on Lifestyle, health, and money-saving tips
Zip Code:
Privacy: We never share your email.
Follow Newsmax
Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved