Your Questions About Mortgage Rates Calculator

Sharon asks…

Do you think locking all current mortgage interest rates to 5% would fix the mortgage problems for most people?

if you do not think so check a site like
http://free-mortgagecalculator.info to see how much different your payment would be if you have a mortgage at 5% instead of 8%

if you think this is a good idea then write your senator. You can find there contact info here http://www.senate.gov/general/contact_information/senators_cfm.cfm

admin answers:

~~Yes, if they also fix the problem with getting the loan process fixed for people who are upside down in their mortgages and their monthly income has dropped. If you are in this situation then you can’t qualify for your own home.

Most people will eventually increase their income when more jobs are available. Until then you are stuck on a merry go round. I wrote to President Obama’s task force about this just this morning. We desperately need a center who will work with people who are temporarily affected with low income due to income loss, but need their mortgages reduced to help them keep their home. Private lenders will not help you at this time unless your income is high enough to afford the overvalue of your loan compared to the actual value of your home. Therein lies the problem of just reducing the interest rates.~~

Paul asks…

15 year mortgage rates – are they really that low?

From bankrate.com it said 2.88%for a 15 year fixed.
You have got to be kidding me?

I remember that 15 year rates were always higher than 30 year rates.
Now the whole thing turned around.

Anyway… can you check the bankrate.com website
Is this an advertisment at the right I’m looking at?
http://www.bankrate.com/calculators/mortgages/mortgagecalculator.aspx

Or.. could you give me a trusted link of other sites that have current average mortgage rates.
I hope it would list both 15 year and 30 year.
I just can’t believe 2.88%
I can still find a CD paying 2.75% – long term
And take a tax deduction – these numbers are so close.
Note – I would not do that since closing costs for a re-fi would eat me up alive.
But others would (some don’t think like I do)

admin answers:

Yes its true. You can get 15 year mortgage rates for under 3%.
Best you hurry before they go up again.

Richard asks…

A very good Mortgage Calculator?

Hi, Im looking for a mortgage calculator that allows you to enter, Mortgage amounts, Interest rates, Down Payments, Insurance Rates, Taxes, etc… Or even better a calculator that helps you organize or predict what your monthly living costs will be…?

admin answers:

You can use bankrate it is a great website with many loan calculators and general finance info.

Ken asks…

whats an average interest rate on a mortgage?

just looking at mortgage calculators. What kind of interest rate might a student with good credit and a self employed IT consultant get?

admin answers:

Range 6-6.45% Also, check with a good loan officer – sometimes you can get the rate down a bit more with 10-20% down. I got a rate locked in at 6.125% last week for a client and under 6% in March (rates are bouncing around so have a good loan officer keep an eye on it for you and lock in when it’s good)

Maria asks…

need link to mortgage payoff calculator? can’t find one that works?

I am near the end of my mortgage, and all the mortgage calculators I can find are for people at the BEGINNING of their mortgage. I want one where I can enter the balance left on the mortgage and the interest rate and the fact the payments are once a month, and that should be all the data needed.

can someone save me from having to figure out how to use a spreadsheet again or doing this by hand?

thanks!

Ps if you don’t understand what I am asking, don’t answer, because there are many mortgage calculators that do not work for my needs.
No, the bankrate calculator will not work, it doesn’t ask what balance is left on my mortgage. I have consistently paid more than the minimum.

admin answers:

Below is a link that might help. It’s intended as a way to prioritize multiple debts, but you can just enter the one: current balance, interest rate, monthly payment. On the second tab, there’s a spot to enter additional payments going forward. Just like any other calculator, it will not be exact so check with your lender before making a final payment, but hopefully it will help

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