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Mortgage repayment calculator by Bruce Giles
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Mortgage repayment calculator |
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Finance & Investment
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Not all mortgages are created equal, and even home loans that appear similar on the surface could turn out to be significantly different in the long term depending on how the lender assesses your financial circumstances and ability to make repayments. Mortgage repayment calculators are a convenient tool for getting a reliable estimate of how much your home loan will cost you over a certain period of time and could help you make your decision about what kind of loan to choose.
Many home loan providers feature repayment calculators on their websites to give new and existing customers an idea of how much a mortgage will cost them, as well as to help them decide whether a mortgage is truly the right choice for them. In order for these estimated values to be accurate, it will be necessary to provide relevant personal details, as well as to specify the type and term of mortgage you desire as these values are likely to be very different if any of these variables are altered.
When choosing a mortgage, you should be aware of some of the key differences between types of loans, particularly when it comes to fixed rate loans which offer greater financial security as the amount you pay back will not change. In contrast to this variable rate loans fluctuate according to current market rates and mean you could save money or pay back more compared to a fixed rate mortgage. Mortgage repayment calculators may not be accurate if the property market changes significantly during the term of your contact but they may be more reliable for fixed rate loans.
Although figures provided by a mortgage repayment calculator can be useful for helping customers make decisions over what loan is right for them, this information should not be taken as a formal quotation or commitment on the part of the lender. Mortgage repayment calculators can also be useful for calculating how long it will take to finish paying off an existing home loan.
When assessing your suitability for different types of loans, lenders may take into account a number of factors not considered by mortgage calculators, including your credit score, a copy of which can be obtained from credit agencies. Your salary is also likely to be assessed, as lenders may not offer mortgages that are more than three times the value of your annual salary, if they feel this could affect your ability to make repayments on time.
The author of this article is a part of a digital marketing agency. The content contained in this article is for information purposes only and should not be used to make any financial decisions.
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