We have customized THE LEARNING CENTER to provide you with financial tools which will empower you to gain knowledge about your financial life and to reach for the possibilities available to you.
As you use the following 5 specialty Calculators assembled here for you, it is important to know that in today's mortgage industry, there are exceptions to every rule and every Calculator. That's why it's so important to work with a mortgage professional who does this work for a living and has experience with the complexities and multiple guidelines of the thousands of variables in lending which are in constant transition as economic conditions experience daily changes.
by Patricia A. Allen
It's difficult to comprehend that it has just been a few years since multiplication tables and old-style adding machines were used to calculate monetary values. How quickly we moved from the old adding tapes and well-worn charts to hand-held calculators! Now, it's "move over…the easy way is here…I'll do it on my PC!"
Years ago, a knowledgeable construction superintendent told me that in building something to specifications, ALL involved in the project had to have the same measuring instruments, down to not only the same brand, but to the same manufactured lot of that brand, as there were critical variances in "mixing" the measurement devices. If everyone were left to their own "devices," calculations being "off" became more obvious as the project developed, and the structure would become unsound.
Granted, we're not talking about building a house here; however, we're talking about something much more important…building financially viable lives. Keep the following guidelines in mind when using online calculators:
Web Calculators CANNOT compute ARM (Adjustable Rate Mortgages) or Hybrid (Mortgages with custom-mixed options) beyond the initial fixed rate term (for example, 3/1 arm with 3 being the fixed period; 5/1 ARM with 5 being the fixed period, etc.) Further, hand-held calculators are equally unreliable, as the future adjustments to these loans have not occurred, and cannot be predicted as future fixed rates are based on future prevailing rates which cannot be predicted with accuracy. Adjustments, depending on the mortgage type, may occur in 1, 6, or even 12 months…and traditionally in 3, 5, 7, or 10 years.
Web Calculators CANNOT take into consideration the TERM of your new Refinance Loan as related to your current mortgage's term and the length of time you have been paying on it. They succeed in calculating monthly payments of a new mortgage as the payments relate to the "recapture" period of costs, whereas to determine true savings, you have to think beyond the break-even point. We can be of specialized assistance to you in customizing these variables to not allow "repeat payments," but true cost savings OVERALL.
Web Calculators CANNOT anticipate Unknowns in any term loan programs.
Some of those Unknowns are: What percentage of P.M.I. an Underwriter May assign after assessment of risk levels in funding the mortgage; and, What the rate increase is on a N.O.O. (non-owner-occupied) property after underwriting. Further, Web Calculators CANNOT correct the Users' inaccurate input.
HOPE WE HAVEN'T DISCOURAGED YOU! Web Calculators CAN be Great Tools to give you Approximate Insight into your options, and can be really enjoyable. That's why we have provided them for you. However, NOTHING takes the place of talking to a real-live person who can help you with real-life decisions. We've said it before: We match People with Possibilities. This is what we do best.
It has been said, "knowledge is the foundation of wisdom." We are dedicated to your accomplishing wise and prudent decisions. In your quest, we are here for you! 1STOP Solutions for Your Informed Choices.
RENT VS. BUY CALCULATOR
|LOAN QUALIFICATION CALCULATOR
This Calculator shows the maximum mortgage and mortgage payment for which you can qualify.
|HOW MUCH CAN I AFFORD?
This Calculator shows you how much income you need to qualify for your target mortgage.
This Calculator allow you to do "What If" scenarios with various mortgage amounts.
|AMORTIZATION SCHEDULE AND CALCULATOR|
|COMPARE 15 YEAR vs. 30 YEAR LOANS |
This Calculator allow you to compare a 15 year mortgage loan and a 30 year mortgage loan.
|HOW MUCH CAN I SAVE BY REFINANCING |
This Calculator allow you to determine if it makes sense for you to refinance or not.