Richard asks…
I did a mortgage calculator and it said I can only afford a $35,000 mortgage, are there other options?
My boy friend and I were quoted for a mortgage awhile ago that we would be able to do about 150 to 180K ,not too bad. But when I did a mortgage calculator online it only came out with the 35K total. We make more than some people we know and they own own homes. What did I do wrong? I just can’t believe that we would not be able to be qualified for a mortgage amount that is at least reasonable and would get us something nice and not a condo or townhome. Even though that is what everyone is telling us to buy. Please some one restore my faith or will we never be able to have a home of our own.
admin answers:
Don’t worry too much about what a mortgage calculator gave you as an answer. While I can tell you that Quicken Loans calculators will give you a great answer with as much information as you input, the real story lies with several factors that you need to discuss with a mortgage professional.
First, a calculator can’t know your credit score. This is very important in getting a mortgage. Also, there are other several other variables that can affect how much you can borrow such as (this is just a small example):
*length of employment history
*assets (the things and money you have now)
*history of bankruptcy
*retirement savings you may have
I’ve never seen a mortgage calculator that asks for that information, and each can affect what you qualify for.
My advice is to get in touch with a trusted mortgage professional that can give you an honest and full review of what you qualify for. If you aren’t sure who to work with, try the most time-honored tradtion. Ask people you trust!
Your family and friends are probably the best resourse you’ll ever have for finding a mortgage professional that will give you the best possible deal. I can tell you first hand that at Quicken Loans, referrals are a huge part of our business.
So don’t worry what a mortgage calculator tells you. A mortgage calculator is only a research tool to get you an idea of what you might be able to qualify for. Although they usually are great and I recommend them to my friends, they aren’t the final word.
The final word is a trusted and qualified mortgage professional that will get you exactly what you qualify for.
Good luck and don’t worry too much!
Joseph asks…
I need an online mortgage calculator that will show how extra weekly repayments & one off payments reduce loan
The calculators I have found show how either one off extra payments or extra weekly repayments reduce the term of a loan. I need to find one that shows both in the same calculation. A graph would be nice.
admin answers:
Will this work for you?
Http://www.jeacle.ie/mortgage/
Mark asks…
Where can I find a mortgage calculator that shows the effects of paying additional principal?
admin answers:
Bankrate.com has one which also will show you the full amortization schedule. There are various options for extra principal payments.
Http://www.bankrate.com/brm/amortization-calculator.asp
Helen asks…
Mortgage calculator which includes mortgage deduction?
I’m looking for a decent mortgage calculator which factors in the mortgage deduction. Basically my goal is to be able to forecast my monthly payment as accurately as possible. Thanks!
admin answers:
Look at calculated industries real estate qualifier 2 at this website.
Http://www.calculated.com/12/prd150/Mortgage+PaymentCalc+-+Compact+Desktop.html
It has the features you are seeking, is inexpensive, and is very easy to use.
Mandy asks…
I need an excel mortgage calculator for doing 80/10/10 loans. Does anyone know where I can download 1 4 free?
I am a new investor in rental properties and would like to do my own mortgage calculations for potential properties.
admin answers:
How on earth can you accurately calculate a mortgage note for someone? Can you pull there credit? If you know there score what rate can you give them? Who do you know that can give that rate? What term will you go? Whats the best rate for there term? You sound like a Realtor giving a payment? I don’t mean to fuss at you,but if you contact a mortgage broker he can at least give you a better idea of what a true payment will be.
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