Five Things a Mortgage Calculator Can’t Tell You

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One of the most searched terms on Google is Mortgage Calculator. Homeowners and those hoping to become homeowners commonly spend a lot of time checking out what the monthly payments will be on a new home or on a refinance. We hope to determine if we can somehow afford the payments on that $600,000 home we have our eye on. Or we might be trying to find out if we can afford a remodel of our existing place.

So we head over to a mortgage calculator. When we search it on Google, they will offer their own calculator, which is very basic. You plug in the amount of the loan, the interest rate you believe you’ll have to pay, and the number of years you will take to repay the loan. And it tells you the monthly payment.

There are dozens of other calculators available online, including the mortgage calculators we offer on our website. The basic calculator on that page will allow you to plug in the value of the home, the total loan, and even estimate the property tax. Other calculators offered include:

All of these calculators will give you some pretty good clarity on your decision. However, there are still some issues that you will likely feel far more comfortable asking your mortgage broker for help with.

  • What are the additional expenses built into the monthly payment.
  • What rate you will actually pay with the down payment you’ve saved.
  • Your actual total monthly payment. There are too many variables.
  • Will you qualify for the interest rate you plugged into the calculator.
  • Which type of mortgage makes the most sense for you in your unique situation.

In addition to all of these issues, a mortgage broker like Bill Rayman has multiple mortgage lending institutions available when your circumstances don’t allow you to be fit easily into standard loans. Only a mortgage broker can help you find a loan when you don’t match the lender’s definition of a qualified borrower. Each bank or lender has a different definition.

Please help yourself to all of the calculators, articles, and other resources on the Guaranteed rate website. Then give Bill Rayman a call to help you with the details. 424.354.5325

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