Semblance of Order
Live within your means, an old saying, is what one is religiously expected to follow.
In reality, this is not implemented all the time and it is evident from the statistics which tell us about innumerable mortgage delinquencies. How then will you avoid deviating from the “old saying”?
Effective money management skills are called for.
Mortgage loan calculators can be of good help along with judicious spending habits. (please take note of the combination)
What necessitates a careful planning for your mortgage?
If you are planning to take out a mortgage, you cannot afford to take out one the payments of which you cannot afford. This is what many borrowers have done that eventually led to the subprime mortgage crisis, which is the root of today’s recession.
Subprime borrowers who did not qualify for a prime loan were given one. The borrowers were able to make their mortgage payments for the first few months but started defaulting thereafter only to lose their homes in foreclosure. This implies that if you cannot afford a mortgage that you cannot repay, you will lose your home as well as your cash.
Thus, this necessitates careful planning for a mortgage.
Role of mortgage loan calculators in your financial planning
Your mortgage payments are determined by a number of factors. And each factor in some way or the other is related to affordability and your repayment capacity. If you take the help offered by mortgage loan calculators to find out the amount of your payments – and more importantly – whether you will be able to afford the same and be consistent, you can be saved from the heartaches of foreclosure and financial hardship.
How accessible are these mortgage loan calculators?
You can access these mortgage loan calculators online and there are many websites that offer it for free. You can use the mortgage loan calculators to find out the following –
- Your mortgage payment if you opt for FRM or ARM
- Amount you need to pay in case of a 15-year and a 30-year loan term
- The total cost of the loan –mortgage APR
- Which is better – Buying or Renting?
- Required income to meet your mortgage needs
- The size of the mortgage you should take depending on your income and expenses etc.
It is important not to allow your finances to go haywire as you may lose your house in foreclosure. Worse, this gets recorded in your credit report for 7 years, posing a serious problem to your financial – or even emotional – well being.
Do not let yourselves take the walk down that path.
Contributed by MortgageFit Community.
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Thank you for the information. I have been trying to avoid foreclosure and this helps me greatly to put things in perspective
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