The Different Types of Mortgage Calculators [mortgageloan-processor.blogspot.com]
MortgagesInVancouver.com Hi everyone. How are you? It's Leah Coss with The Mortgage Centre and I wanted to come out on this fabulously rainy day here to chat with you about mortgage insurance. And I wanted to just quickly describe the two different types. If you want more depths on each one, go to my blog, MortgagesInVancouver.com or LeahCoss.ca and that'll go the specifics of both insurances. But I wanted to make sure that you understand there's two types of insurance out there that is mortgage insurance. One of them is a type of mortgage insurance that you need before you get the home and in order to qualify to even get the home and to get the mortgage. The other mortgage insurance is where you get afterwards. Once you have the home, once you have the mortgage and it's something that's the typical mortgage which ensures you in case something happens. The first mortgage insurance is something that ensures the banks. S o I'll just quickly describe each one and like I said, if you want more, in depth information, just go to my blog. You'll find a video on each one. But the first one is CMHC insurance which is what a lot of people will call it. But there's also Genworth insurance as well as AIG insurance. This insurance is meant to protect the banks and your lender, not you. So it's very important that you understand that. There's my doggie in the background. So with the mortgage insurance, this is something that some lenders are called bulk insurers. That means that no ...
mortgageloan-processor.blogspot.com 2 Types of Mortgage Insurance - Very Different Applications
There are several different types of mortgage calculators. Some are designed to help customers to make their initial purchase, and others are there for people who need to figure out bi-weekly payments or monthly payments. The following are examples of the top mortgage calculators.
Mortgage Qualification Calculators
This type of calculator makes use of the fixed rate concept by asking the customer to give information on their monthly debt payments such as student loans, car payments and credit card debts, along with their adjusted gross income. After all this information is given it will provide the borrower their debt to income ratio. This can be useful to know in order to find out if the borrower will be qualified for mortgage loans.
Refinance Mortgage Calculators
If the customer is thinking about refinancing their mortgage then they should think about this type of calculator.
Fixed Rate Calculators
This type of mortgage calculator is generally used by people who are planning on staying at their current residence for a long period of time. It will be done for a mortgage rate that does not change for 20 to 30 years. The information required for fixed rate calculators will be the interest rate the customer needs, previous year’s property tax amount, the price of the house being bought and the length of the loan, preferably in months.
Loan cost calculators
Loan cost calculators are designed to help the customer find out the amount of money that needs to be paid in terms of points as well as fees. It bases its calculations on APR or annual percentage rate, paid with the out of pocket costs that comes with the loan. Therefore it will help the borrower calculate the connection between the APR and loan rate. In most instances, the fees will be lower if the quoted interest rate is close to the APR amount.
Discount Point Calculators
Discount points are points paid up front to help lower the overall percentage rate of the mortgage. This is what in short a discount point calculator helps the customer do. It helps find the best interest rate. This type of calculator is used by people who are thinking about living long term in their house. Typically, it will take 5 to 6 years to break even on the amount paid upfront to help lower the mortgage rate.
Finding the right mortgage calculator in Ireland or anywhere for that matter is a difficult task, although the advent of the internet has made this task much easier. Once the person has the done the research it is still highly advisable to talk with a mortgage expert before committing to one. However, the above mentioned points should make finding the right calculator easier for a new home buyer in Ireland. More The Different Types of Mortgage Calculators Topics
