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Mortgage What is a Mortgage A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire value of the purchase up front. Over a period of many years, the borrower repays the loan, plus interest, until he/she eventually owns the property free and clear. Mortgages are also known as liens against property or claims on property. If the borrower stops paying the mortgage, the bank can foreclose. In a residential mortgage, a home buyer pledges his or her house to the bank. The bank has a claim on the house should the home buyer default on paying the mortgage. In the case of a foreclosure, the bank may evict the homes tenants and sell the house, using the income from the sale to clear the mortgage debt. Mortgages come in many forms. With a fixedrate mortgage, the borrower pays the same interest rate for the life of the loan. Her monthly principal and interest payment never change from the first mortgage payment to the last. Most fixedrate mortgages have a 15 or 30year term. If market interest rates rise, the borrower’s payment does not change. If market interest rates drop significantly, the borrower may be able to secure that lower rate by refinancing the mortgage. A fixedrate mortgage is also called a “traditional mortgage. With an adjustablerate mortgage (ARM), the interest rate is fixed for an initial term, but then it fluctuates with market interest rates. The initial interest rate is often a belowmarket rate, which can make a mortgage seem more affordable than it really is. If interest rates increase later, the borrower may not be able to afford the higher monthly payments. Interest rates could also decrease, making an ARM less expensive. In either case, the monthly payments are unpredictable after the initial term. Other less common types of mortgages, such as interestonly mortgages and paymentoption ARMs, are best used by sophisticated borrowers. Many homeowners got into financial trouble with these types of mortgages during the housing bubble years. When shopping for a mortgage, it is beneficial to use a mortgage calculator, as these tools can give you an idea of the interest rates for the mortgage youre considering. Mortgage calculators can also help you calculate the total cost of interest over the life of the mortgage.

Commercial Mortgage Calculator Can Make Buying a Home Much Easier A commercial mortgage calculator can be a life saving tool. There's a wide variety of them available to use for free at your convenience, and any tool that can help you save money without costing you a dime is definitely a must have. Don't be afraid to tinker around with commercial mortgage calculators on different sites as well, some may have more detailed options than others, but they should all give you the same answers. When you first step out into the home buying market it can be rather intimidating. Huge numbers, pushy sales people and loads of banks are enough to make anyone want to crawl under the covers and hide. Using a commercial mortgage calculator can put you ahead of the game and help you break things down into more manageable terms. When you utilize a commercial loan calculator you begin to see that $100,000 home as an affordable $600 mortgage or that quarter of a million dollar house as a $1,500 monthly payment. Using a mortgage payment calculator can really help you find a buyers budget when you are on the market for a home. What's even better is that they are easy to use! Just plug in the loan amount you'd need for that lovely piece of real estate across town, enter the number of monthly payments you'd make on it, which is usually 360 for a 30 year loan, type in an interest rate and voila! Once you put that basic information in a press the submit button commercial mortgage calculator will let you know what your approximate payments would be. The hardest part is deciding what interest rate should be used in the equation. This will depend on the economy and on your credit score as well. If you know your credit score you can easily find a few estimated interest rates online and use them in conjunction with a mortgage payment calculator to narrow down your price range. If you have thought about refinancing to decrease your current mortgage rates you can find a commercial loan calculator for that as well. Calculators that are made specifically for refinancing queries will actually go a step further than your standard commercial mortgage calculator and will tell you how much you can save if you refinance. These calculators are a bit more complicated, but once you plug in all the proper information they offer up some really valuable information that can help you decide if a refinance is worth it or not for you. Taking on a mortgage or any large loan of that nature is a huge burden to bear, so make sure that you are ready to carry the load and take responsibility. While a commercial mortgage calculator can be a great tool when it comes to estimating your monthly mortgage payments, it can't predict what other expenses may pop up along the way. Remember that life happens when you least expect it, so it's important to make sure you don't take on more than you can afford. Use that commercial mortgage calculator to your advantage and come up with a high and low end for your buying budget and shop around for the best that you can afford before committing.

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