Qualifying for a Home Mortgage Loan

Obtaining a mortgage in order to buy a house involves a good deal more computations than those offered on the average web site. Below you will find a complete set of tools that will assist you in your decision making process.

  Debt Ratio Calculator
What is my debt to income ratio? A important number that every lender uses to qualify you for a mortgage loan.
 
  Mortgage Payment with Amortization Schedule
How much will my monthly mortgage loan payment be at various compounding intervals? Compute and print out a full amortization schedule.   
 
  Renter Mortgage Affordability
Estimates the size of a mortgage you could afford based on the size of your monthly rent.
 
  Mortgage Tax-Savings
Estimates the tax savings that you will realize as a results of the tax deductibility of a mortgage loan.


 

Shopping for home mortgage loans can be simplified significantly if you make yourself familiar with the basic criteria that mortgage lenders use to qualify you. Below you will find all the tools necessary to figure out your mortgage loan

payments, debt ration, total interest paid and the tax consequences of your mortgage loan.

Other than the standard fixed rate mortgage, there are a number of alternatives offered that can have a significant effect on your cash flow and the rate at which you can build equity.

In the current housing market, many people prefer to invest in real estate using an interest only mortgage or a mortgage with payment options. The latter were more commonly known as negative amortization mortgages, which offer you the option of paying the fully amortized payment or the minimum payment which is usually much lower.

The Dollar Stretching section of this web site has a simple interest option that will help you determine the difference in payments.

Alternatively, you may prefer to invest in a smaller home with intension of keeping your home mortgage payment small and making extra payments so as to build up equity. The Interest Savings section will help you determine what the effect of extra payments be on your mortgage loan.

For a complete analysis of purchase and refinance go to this mortgage calculator set.