Welcome to Home Mortgages
Fargo Mortgage Well Article
This is a selection made from among articles on Fargo Mortgage Well. For a permanent link to this article, or to bookmark it for future reading, click here.
from:
Use Mortgage Calculator To Determine Your Borrowing Capability
By Vicky Edema
One of the most useful tools is a mortgage calculator. As a general rule a mortgage calculator is very user friendly. Establishing your borrowing capacity can be approached in a number of ways and is a relatively quick and simple process.
For example, in Australia a mortgage calculator will allow you to enter your net income and your current liabilities such as a car loan or credit card debt and will then quickly give you an idea as to the amount you can borrow. The mortgage calculator will also advise your monthly instalment amount and give you the total amount of interest you will pay over the loan term (this can be a bit frightening but can also act as a good motivator for you to make as many extra repayments as possible on your mortgage!)
A good mortgage calculator will represent the payments you make in graph form as well.
Another feature of a mortgage calculator could be a comparison calculation whereby you enter your existing bank's rate and term into the mortgage calculator together with the rates and term of any proposed new lender. The mortgage calculator will show you the amount of interest you will pay under each loan - again a graph is often provided. This type of comparison mortgage calculator is quite sophisticated in that it has provision for a number of variables. For example you may compare your existing loan which may have an initial fixed rate term for 3 years @ 8.20% reverting to a 7.75% variable rate at the end of that 3 year period with a proposed loan which may have an initial 5 year fixed period @ 7.95% reverting to a 7.65% variable rate for the remainder loan term. The mortgage calculator will calculate the fixed interest payable for the first 3 or 5 years plus the interest for the remaining term at the variable rate and give you the total interest amount that you will pay for the full loan term on each mortgage. The mortgage calculator will again summarise this in graph form and advise the amount you will save or lose by staying with your existing lender.
If you are reasonably confident of your borrowing capacity you can cross check by using a mortgage calculator and simply entering the amount you wish to borrow. The mortgage calculator will then determine your monthly repayment amount. You can then determine yourself whether you have the capacity to service the loan taking into account your net take home pay and after allowing for your living expenses and repayments on any other liabilities.
Although a mortgage calculator can give you a guide to your borrowing capacity there are other things that a lender will take into consideration when you apply for a loan. For example the number of dependent children you have will impact on your borrowing capacity.
In Australia, a mortgage calculator is a good resource and you should certainly check them out to be confident that you are on the right track in relation to your estimates on borrowing capacity.
Vicky Edema has been the Managing Director of Austral Mortgage Corporation since 1992, the company provides an easy to use mortgage calculator and offers competitive mortgage rates. Austral's comprehensive calculators: http://www.australmortgage.com.au/mortgage-calculator-s/mortgage-calculator-s.html
Article Source: http://EzineArticles.com/?expert=Vicky_Edema
http://EzineArticles.com/?Use-Mortgage-Calculator-To-Determine-Your-Borrowing-Capability&id=779335
Fargo Mortgage Well Specific links
Watch Free Videos At Mevio!
- Tons of Free Videos, Only At Mevio.com
-- http://www.mevio.com/
Learn How To Stay Young and Feel Great
- Free Advice For Boomers From Experts Around the Country
-- http://www.boomj.com/
The fastest and easiest way to chat with anyone.
- Chat with anyone, anywhere, anytime with Utterz.
-- http://www.utterz.com/
American Idol Gets Fourth Judge
- One of the fastest growing sites on the net, and yea, theres a reason
-- http://www.holytaco.com/
MTV Cribs
- Watch the Latest Episodes Online. TV Shows, Movies and More at Veoh.
-- http://www.veoh.com/
Fargo Mortgage Well News
Large crowd welcomes Iowa's golden girl - Gazette Online
Large crowd welcomes Iowa's golden girl Gazette Online, IA - By Eric Petersen DES MOINES — If you didn't know any better, you'd think The Beatles were playing Wells Fargo Arena. Thousands of screaming teenagers — and ... |
Wells Fargo Mortgage Head to Step Down - Housing Wire
Wells Fargo Mortgage Head to Step Down Housing Wire - Oman’s group of businesses — Wells Fargo Home Mortgage, Wells Fargo Financial, and Card Services and Consumer Lending — will remain in its current form, ... |
Wells Fargo top mortgage executive to retire - Reuters
Wells Fargo top mortgage executive to retire Reuters - Oman, 53, is a senior executive vice president and head of the bank's home and consumer finance group, which includes Wells Fargo Home Mortgage and Wells ... Oman era at Wells Fargo will end next year UPDATE 1-Wells Fargo top mortgage executive to retire |
The Kryptonite Still On Wall Street’s Books - FOXBusiness
The Kryptonite Still On Wall Street’s Books FOXBusiness - While Wells Fargo doesn’t break out a prime-mortgage delinquency rate, its past-due residential mortgages were equivalent to 2.19% of the total in the ... |
Is Wells Fargo on the Prowl? - Motley Fool
Is Wells Fargo on the Prowl? Motley Fool - Both Jamie Dimon and John Stumpf, the respective CEOs of JPMorgan and Wells Fargo, found the risk/reward trade-off of the mortgage business to be less than ... |
The 15-Minute Tip: Switching to autopilot - MarketWatch
The 15-Minute Tip: Switching to autopilot MarketWatch - Wells Fargo recently offered a friend of mine $20 to set up bill pay. It's free to him because he keeps more than the minimum $5000 balance. ... |
Mortgage fraud still soaring - CNNMoney.com
Mortgage fraud still soaring CNNMoney.com - ... Fortune 500) - the government sponsored mortgage giants - as well as private lenders Wells Fargo (WFC, Fortune 500), Bank of America (BAC, Fortune 500) ... |
Wall St. Rattled by Bank News; Stocks Sell Off - New York Times
 Boston Globe | Wall St. Rattled by Bank News; Stocks Sell Off New York Times, United States - Other banks that have recently disclose their preferred exposure to Fannie and Freddie’s troubles include Sovereign Bancorp and Wells Fargo & Company, ... UPDATE: Risks To Fannie, Freddie Junior Debt May Hit Banks Most banks' GSE exposure manageable--CreditSights  Comment by Christopher Whalen Managing Director, Institutional Risk Analytics |
Wells Fargo: The Good, the (Not Too) Bad and the Ugly - Seeking Alpha
Wells Fargo: The Good, the (Not Too) Bad and the Ugly Seeking Alpha, NY - [FDICIA's most recent definition of "well capitalized" is in excess of 10%]. 1. Has $68.2 billion in mortgage backed securities on its books [June 30, ... |
Banks not feeling urge to merge - CNNMoney.com
Banks not feeling urge to merge CNNMoney.com - For example, there had been rumors in recent weeks that Wells Fargo (WFC, Fortune 500), which has managed to far outperform its peers, was eyeing struggling ... Metro Bank defies credit crisis to launch a new branch-based bank |