It was very beneficial to me to see the actual cost of buying a home, and how much my total payment was going to run each month. I recently visited a popular online site and just used the default values and their figures didn’t give me the whole picture. I would have been in for a rude awakening when I tried to buy a house
Arlington, TX (PRWEB) August 8, 2006
Most new homebuyers have no finance background and little experience with mortgage loans, yet bank and mortgage brokers treat their online customers as expert Loan Officers. Today’s online mortgage tools are completely inadequate and assume the user knows the intricacies of the mortgage business. New tools developed by The Mortgage Toolbox eliminates the 'guessing game' that occurs with those other so-called 'free sites', and allows consumers to find real answers about their home financing options.
According to an industry survey1, 3 out 4 homebuyers will conduct their own research on the Internet regarding their finance options before talking to their bank, or local loan officer. When the user finds an online site that offers a free mortgage calculation tool, they produce either grossly inaccurate results, or no results at all in the following categories:
1) The “Total Payment” including property taxes, homeowner’s insurance and Private Mortgage Insurance (PMI)
2) Closing Cost totals
3) Cash to Close totals
4) Maximum Purchase Price
With so many consumers doing their own research online, it’s vital that they’re given mortgage tools that provide a true reflection of their cost and total payment when buying a new home.
A consumer who recently used our tools raved about the benefit of calculating accurate figures before she started looking for a new home. “I always thought ‘zero down’ meant no money out of my pocket. I was wrong,” says Catherine Raiford of Houston, Texas. “It was very beneficial to me to see the actual cost of buying a home, and how much my total payment was going to run each month. I recently visited a popular online site and just used the default values and their figures didn’t give me the whole picture. I would have been in for a rude awakening when I tried to buy a house,” Catherine advises.
These free tools can be accessed by visiting:
· Payment Calculator with an Amortization Schedule
· Prequalification Calculator
· Cash Needed to Close Calculator
· Income Needed Calculator
· Refinance Calculator
· Rent Vs Buy Calculator
· Savings Goal Calculator
· Net Proceeds from Sale of Home Calculator
1 “Myers Internet/Mortgage Banking Internet Mortgage Industry Survey, 2002”