Will you qualify for the best rates?

One way mortgage lenders asses your risk is to use your loan-to-value ratio – LTV. The LTV ratio is the amount of the loan you take out vs. the appraised value of the house. For example, if the appraised value of your home is $200,000, and you borrow $170,000 to purchase the home, your ratio is $170,000/$200,000 – 85…

How much can you borrow with a HELOC?

Getting a HELOC, home equity line of credit, isn’t always the most advisable idea. But it can come in handy in an emergency. Lenders have tightened up their requirements, but if you have good credit – and decent equity in your home – you might be able to tap into it.

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Own or rent? Let a mortgage calculator do the work

Real estate can be a good investment – especially right now when rates are low. But purchasing a home isn’t always the right move. Depending on your situation, sometimes renting can be just as beneficial.

Home ownership has its advantages – major tax benefits being just one of them – but owning a home costs more than just the…

How much can you borrow from the bank?

With mortgage rates at record lows, you might be thinking about trying to get more home for your money. The amount of home you can afford is really a combination of how much the bank will lend you and the amount of down payment you can dig up. But since the real estate market took a dive, lenders have tightened up their requirements – that means you really need…

Can you afford a home in a shaky economy?

There is no question that the U.S. economy has been a bit unsteady. Recent unemployment issues combined with our country’s debt has left some homeowners questioning whether or not purchasing a home is really a good idea in this market. I’ve been getting a lot of questions from friends that are looking to buy about whether or not they should purchase a new home in this economy. My answer…

Mortgage calculator: Thinking about an ARM

While an adjustable rate mortgage – ARM – might initially offer a lower interest rate, whether or not you should take the risk depends on your situation. A mortgage calculator can help you decide if the gamble is worth the payoff.

ARMs have a rate that is adjustable. They come with an initial interest rate – generally significantly lower…

Mortgage payoff proof is in the pudding

One of the most frequent questions I get asked by friends is whether or not they should pay additional money each month on their mortgage in order to pay off their loan sooner.

I usually answer, “It depends.”

Try a simple mortgage calculator. It’s one of my favorite tools! I love to see just exactly how much…

How to use a refinance mortgage calculator

Still thinking about refinancing your home loan? With interest rates remaining low, it can be a tough decision, especially when you got what you thought was a pretty good rate a few years ago. So, should you stick with what you have or go with lower rates and eat the costs that go with refinancing? A refinance calculator can help you make the right decision.

Mortgage calculators answer buying questions

If you have made the decision to take advantage of the low interest rates to buy a new home, or to refinance your current home mortgage, you’ll have lots of questions. Fortunately, a mortgage calculator can put you more in control by giving you quick answers to help you make the right decisions along the way.

A good mortgage calculator can help sort out many different situations, including:

Save on taxes with the mortgage deduction

One of the many advantages of owning your own home is the ability to deduct mortgage interest from your income taxes. You can use a mortgage calculator to find out how having a home loan can slash your taxes.

Let’s take a look at some things to keep in mind:

How much can you save over the life of a loan?

According to the mortgage calculator, if you’re in…