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The bottom-line question that most home buyers want answered is whether they can afford to buy a house. So many factors affect loan eligibility and monthly payments that it can be difficult to even know the right questions to ask. Learn some important questions that home buyers and homeowners should consider. Then find calculators to help you answer them all.
Home Buyers
When you're considering buying a home, it can be hard to know where to start. Mortgage calculators are available to help you figure out if you can afford a house or your debt to income ratio. However, to find the buyers mortgage calculator you need, there are a few questions that you might want to ask yourself like:
- Do I qualify for a mortgage?
- How much house can I afford?
- Is an adjustable rate mortgage (ARM) right for me?
- What is private mortgage insurance (PMI), and how much does it cost?
- How are mortgage payments calculated?
- What if I live in Canada?
Shopping for a mortgage is no small task, and it will impact your finances for many years to come. Principle, interest, taxes, and insurance -sometimes called PITI- all come together to determine the actual monthly cost of home ownership. Understand and calculate the cost of each of these elements so you can assess which mortgage product is best for your budget.
Homeowner Considerations
Do you already own a home? If so, then you need a whole different set of calculators for figuring out not only your budget but what refinancing might do for you. Find the answers to questions including:
- Should I refinance my existing mortgage?
- How much does a home equity line of credit (HELOC) really cost?
- How is equity calculated for reverse mortgages?
When you are considering refinancing or getting a reverse mortgage, it can be helpful to know how much your home is worth. A comparative analysis of your property can help you to make sure you get the most for your money.
Mortgage Amortization
When you're looking at mortgages for refinance or first-time buying, it can be helpful to use a mortgage amortization printable table or an online calculator. These can help you to see how your loan will vary during its lifetime. It might not seem like it, but this is the perfect way to compare different loans when you are shopping around.
Everything You Need
Whether you are a homeowner or considering buying, calculating how much it will cost, what you need and your monthly payment can make your head spin. Thankfully, calculators are available to make your job a little easier. Not only will they show you the big picture but tell you what you can afford and help you to do a mortgage comparison.