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The following article was published in our article directory on July 13, 2015.
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A Guide To Mortgage Loans

Article Category: Finances

Author Name: Nick Vonay

Mortgage Loan Basics

A mortgage loan is used to purchase real estate. Mortgage loans usually come in 30 year and 15 year intervals. There are two main categories of interest-based mortgage loans that most people deal with. These include the fixed rate mortgage and the variable rate mortgage. The fixed rate mortgage locks in your interest payment schedule for the duration for the entire loan (30 or 15 years). This can be beneficial, as there is no risk for sharp interest (which can be caused by demand and the Federal interest rate set by the Federal Reserve) increases to affect your loan interest rate (and interest payments). However, the interest on these at the start are usually slightly higher than variable mortgage loans, as they more risk to the lender. Variable rate mortgages typically have a slightly lower rate of interest, but are more risky to the borrower, as the interest will fluctuate from year to year. Upon the signing of a loan, interest payments are then made on a monthly basis. That means that on a 30 year mortgage loan, you will end up making 360 monthly payments.

Importance Of A Down Payment

Down payments are a critical element in the LTV ratio (loan to value), which lenders use to determine the riskiness of a loan (which is then used to determine your interest rate). If you put a 30% down towards the payment on the property, the LTV ratio would be 70%, thus giving you a better risk profile than if you were to only put down 20%, which would give a LTV ratio of 80%. The more you can put down as a down payment and lower the LTV ratio, the lower your interest payments will end up being.

Using The Mortgage Tax Calculator

Using our mortgage tax calculator is simple. Simply enter the purchase price of the property (which is also the total size of the loan), the down payment you are able to put down towards the property, the interest rate that you were either quoted by a lender, or an estimate. Finally, the last piece is the term of the loan (either fixed or variable). Once you have made these inputs, the mortgage tax calculator will create a detailed payment schedule that you can use to see the amount of the payment made each month, as well as the breakdown between the principal vs interest in each payment.

Mortgage Loan Tips

First of all, it is important to have good credit when signing a mortgage loan. Make sure your credit score is as high as possible and that any late debts are repaid. Second, it helps to be aware of the Federal interest rate. If it is at a low point historically, it may be wise to get a fixed mortgage loan, so you can lock in that rate for the entire duration. Also, keep in mind that you are not locked into an interest rate without a way out. There is an option to refinance the loan by taking out a new loan to cover the first one, at a different interest rate (perhaps do to a lower federal rate or because your credit score improved). Third and most paramount of all, it helps to pay the loan off ahead of time. The quicker you are able to pay the loan off, the less interest you will incur during the duration of the loan.

Keywords: Mortgage Loan Calculator, Mortgage Loan Tips, Loan Calculator

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