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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
The number of homeowners taking out secured loans is set to slow
down over the next five years according to analysts at
Datamonitor. Over the past five years, the market for secured
loans has increased by over 50%, however predictions indicate
that loans secured against property will only increase at a rate
of 5.3% a year up to 2009. Last year, 6bn was borrowed by
homeowners secured against the value of their property but
according to Datamonitor this will rise to 4bn a year by
2009. Datamonitor stated that the slowing demand for loans
reflected a public perception of an ongoing "soft landing" for
the UK housing market. Maya Imberg of Datamonitor said “The
rapid growth rates the secured lending market has enjoyed over
the last five years are set to cool".
The slowing in house price inflation that has been experienced
over the past few months is seen by analysts to have discouraged
homeowners from taking out loans secured against the increased
value of their homes. Secured loans are normally seen as a
sensible way to borrow for certain expensive items, such as home
improvements, due to the higher borrowing limits and cheaper
interest rates that are generally charged compared with an
unsecured loan.
In the past it has been common to see that while the value of
homes has risen, many families have increased their mortgage
borrowing to release money tied up in the property, to pay off
other debts or make expensive purchases. This mortgage equity
withdrawal generated approximately billion for
homeowners between 2001 and 2004. The recent perceptions
that a return to the risks of negative equity occurring as a
result of buyers needing to obtain increasingly large initial
mortgages to purchase property combined with the slowing down in
house prices, has caused many to be more cautious in their
borrowing.
In July 2005, the total UK personal debt stood at 14
billion and has been spiraling out of control at a rate of
every four minutes. The number of bankruptcy applications
and home repossessions is also on the increase.
According to mortgage-arrears counselors, White Horse Mortgage
Services, the main reasons for people falling behind on their
loan repayment include:
* Absorbing: a reduced income such as loss of overtime 26% *
Financial mismanagement: 25% * Redundancy and unemployment: 14%
* Accident, sickness or injury: 12% * Relationship breakdown: 7%
* Over-indebtedness: 5% * Others: 11%
UK website moneynet has evolved its range of services to
integrate the societal changes in debt management, by bringing
out a price comparison service for debt consolidation loans, as
part of its loan awareness campaign. Whilst moneynet offers a
comprehensive loans guide, moneyfacts has also taken account of
consumer behaviour and concern, with a dedicated loans glossary.
In the US, lowermybills provides a loan price comparison service.
Additional resources: ht
tp://www.moneynet.co.uk/personal-loan-guide/index.shtml http://www.money
net.co.uk/loans/index.shtml http://ww
w.moneyfacts.co.uk/guides/guide_loans.asp
About the author:
Rachel drives a Fiat Punto and also writes for the personal
finance blog Cashzilla: http://www.cashzilla.co.uk