New Jersey mortgage loans is committed to helping you find the right mortgage product for your needs in Carneys Point. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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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.
You can save a lot of money paying off your mortgage earlier. A
typical borrower can cut ten years off of a 30 year mortgage
loan just by paying one extra payment each year. There are
several ways to do this. Biweekly payments, one extra
payment/year, or several lenders offer automatic biweekly plans.
Some of the extra fees they tack on can be way too much to pay
for the chance to have a paid off mortgage early. Some are total
scams, you should never pay $1000 fees or even monthly fees just
to make two payments a month.
Sending two payments a month will equal one months extra payment
each year and save you 10 years interest. But not all lenders
will let you do this for free.
A better solution is to pay your 30 year loan on a 15 year
payment plan for free.
Most mortgage loans today have no prepayment penalties. You can
do it yourself for free. Just add extra to your monthly check,
use the additional principal box on your payment form. You can
find the amount you need to add by simply checking an online
amortization schedule. Just look for your 30 year mortgage and
run the same numbers on a 15 year schedule. Add the extra amount
to each months payment and you will be paid off in about 15
years.
This is much safer in the event something happens and you can't
afford the 15 year payments. You can always revert to 30 year
payments.
A major benefit of paying additional principal each month is the
added equity you build up. It is much faster than paying on a 30
year plan. Not to mention you can save $90,000 or more in
interest by cutting 15 years off your mortgage loan. That is
money that stays in your pocket, money you don't have to work
hard for just to give to a banker.
Try making 15 year payments on your 30 year loan for awhile, it
doesn't hurt your budget that much. You are only talking about
adding $200-300 each month. And you can hold off for a month if
things get tight. The benefits are well worth it. www.mortgage
-loans-and-refinancing.com
About the author:
M. Johnsona runs www.mortgage-loans-and-refinancing.com A
website of tips and insider secrets for the mortgage loan
seeker. www.mortgage
-loans-and-refinancing.com