Applying for a mortgage can be a very exciting experience, but it can also be stressful. This is especially true if you’ve never purchased a home before. You may have lots of questions about your future mortgage. What do you need to get approved? How much can you expect to pay? Those are just a few of the things that are probably on your mind. While there are several ways you can answer these questions, a free mortgage calculator can be a great place to start. Free mortgage calculators can provide you with some helpful information that can make the home buying process a little smoother. Purchasing a home is more likely the biggest purchase you’ll ever make, so it’s important to be as informed as possible. Here are 5 benefits of using a free mortgage calculator.
Learn your recommended income
The thought of buying a house may seem intimidating to some, and many people may feel like their income simply isn’t enough. However, you might be surprised to know that your annual income doesn’t have to be as high as you may think. Most free mortgage calculators will show you how much money you need to make in order to afford the home you’re interested in buying.
Get information on the best mortgage rates
All mortgages weren’t created equal, so it’s important to try to get the best rate possible. Typically, a free mortgage calculator will have some resources available to point you in the direction of different companies and the rates they over.
Learn how much you should save
Most people know that saving is a must before buying a house, but exactly how much you should be saving isn’t always as clear. Fortunately, a free mortgage calculator can let you know just how much money you should have set aside for the down payment, the closing costs, and other expenses.
Find out your total monthly payment
How much can you expect to pay every month? This is information that anyone would find valuable. By using a free mortgage calculator, you can learn how much you can expect to pay every month. Many of these calculators will also break down your monthly payment into mortgage, insurance, property taxes, etc.
Last, but definitely not least, the best thing about a free mortgage calculator is that it’s free. Nothing is better than a free resource, especially one that actually provides you with helpful information. Even better is the fact that we have one available for you on Housely. Click here to try it out.. It has some great features such as the ability to print our your amortization schedule and you can adjust all the different variables to discover the true cost of home ownership.