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Mortgage Loan Rate Calculator - Tips on using a mortgage loan rate calculator

programs payment rates qualify

Following the recent drop in the housing market and all-time low interest rates, many current home owners and potential buyers want to learn more about financing options. If you are one of those people who would rather not trust a big corporation to tell you what programs are available, start with some research on your own. With the help of a mortgage loan rate calculator to perform the math functions, you can easily find out if you have the best payment plan for your individual situation. A calculator for mortgage rates will tell you the amount of your monthly house payment when any factors change.

Before you search for available programs or recent legislation, go on line to find a free mortgage loan rate calculator. Check to make sure it functions as an amortization mortgage calculator as well as a mortgage tax calculator. You can go to http://www.calculators4mortgages.com/ or http://www.fha.com/calculator_payments.cfm for free mortgage calculators as well as other useful information. If you prefer to browse other examples, simply enter the keywords amortization calculator mortgage+calculator mortgage rates, or a similar phrase.

What some consumers fail to realize is the sizeable difference a slight change in interest rates can make on your payment. For example, use a mortgage loan rate calculator to figure a mortgage rate based on the balance on your home. If your home loan balance is $240,000 at 5% interest and you qualify for an interest rate of 4.25%, your payment would be about $110 less per month on a 30 year loan with a fixed interest rate. Even if closing costs are involved, saving $1300 a year might make refinancing a good choice.

For consumers who qualify for special government programs like the Making Homes Affordable plan introduced by President Obama, figuring percentages and interest rates are manageable with a mortgage loan rate calculator. The calculator does the work for you after you enter the requested information. All the numbers and formulas tend to be confusing unless you are a math whiz. Other special programs are available for people in different situations.

For consumers who qualify for financing through the Federal Housing Administration (HUD) there are other considerations. New guidelines require 10% down if your credit score is low. Then you’ll to need use the mortgage rate calculator again to find out your percentage of income to living expensive. A special benefit for military personnel known as BAH (Basic Allowance for Housing) provides the government with a method to link in a military veteran’s ability to pay based on income. Another percentage rate and formula needs to be entered into an amortization mortgage calculator to check on the bottom line if you qualify under BAH.

There are many legitimate programs available through the government as well as private companies and other lending institutions. There are also many scams on line. As a smart consumer, be sure to check out the source. Always verify a lender or the company proposing a quick fix to your mortgage payment problems. Make a few phone calls, ask professionals for advice, talk to other people who used the service, then discuss the best option to fit your individual needs. No matter what you decide, a mortgage rate calculator will provide the numbers for you to determine if you should look for a better mortgage rate.

Beware of any service that charges fees for consultations regarding government programs. Qualified credit counselors are provided by the government free of charge to help you prepare documents for programs like Making Homes Affordable. You can easily check to see if you qualify by calculating your income compared to your mortgage payment. If you pay more than 31% of your income toward housing, you’ve already met one condition of the plan.

Each consumer needs to look at individual circumstances. Even if you have a great credit rating, refinancing could make your payments even lower. One way to pay off your mortgage early is to continue paying the amount you are currently paying after you refinance to a lower rate. The extra money goes directly toward the principle. Start browsing through information and keep your free mortgage rate calculator handy to help with all the numbers.

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