Colorado mortgage loans is committed to helping you find the right mortgage product for your needs in Fruita. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
When borrowing money for a mortgage, homebuyers are primarily
concerned with simply qualifying. Still, paying attention to the
length of the loan is a borrowing tip that can save you a ton of
money.
Home Loans
In the mortgage industry, the length of your loan used to be the
only major issue you had to deal with. How times have changed!
In the current market, the variety of loans that exist are
simply stunning. Of course, the massive increase in loan options
has inevitably led to massive confusion.
Borrowing Tip
Regardless of the type of loan you go with, you should always
try to keep your loan term as short as possible. The shorter the
loan period, the less you will pay in interest. Here an example
using 15 and 30 year loans.
Assume our first homebuyer gets a $100,000 loan at 8 percent
interest. He length of the loan is 30 years with a monthly
payment of $733.76. For this mortgage, our homebuyer is going to
pay $164,155.25 in interest over the life of the loan.
Now, take the same scenario, but reduce the term of the loan to
15 years. Our homebuyer is going to see the monthly payment
bumped to $955.65 per month. Over the length of the loan, our
homebuyer is going to pay $90,000 less in interest payments over
the life of the loan. On top of this, the house will be paid off
in half the time.
When borrowing money for a home purchase, you have to carefully
budget your finances. If you can afford increased monthly
payments, however, a shorter loan length is going to save you a
lot of money over time.
About the author:
Dan Lewis is a mortgage broker with http://www.gwhomeloans.com -
San Diego mortgage brokers providing home loans and refinances.
Visit http://gwhomeloans.com/services.html to learn more about
options for San Diego mortgages.