Offers Savings Calculator for 2007's First-time Home Buyers

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As apartment rents continue to rise and economists predict a continuing buyer's market for real estate, 2007 may present the perfect opportunity for renters to realize the dream of becoming homeowners., a complete source of mortgage loan tools and lenders, now offers a savings calculator ( to help first-time homebuyers estimate how soon they can get into a house, based on their current investments and savings.

In response to steadily increasing rents and condo conversions,, a complete source of mortgage loan tools and lenders, provides a savings calculator ( to inspire renters to become owners. First-time home buyers can estimate how much money they'll save toward a down payment, based on the amount they can afford to invest, the number of months over which they plan to save, and their interest rate or rate of return.

"Despite a recent cooling house market, house prices have continued to outstrip both savings rates and incomes over the last year," according to National Savings and Investments senior savings analyst, Dax Harkins, "which means potential first-time buyers need to start saving sooner and harder to get into the market." Thus,'s calculator encourages renters to plan for ownership in today's buyers' market.

In addition to new home loan resources, also offers:

  •     Mortgage refinancing, home equity, and debt consolidation loan options
  •     A variety of mortgage calculators
  •     Directories of both mortgage companies and companies that offer private mortgage insurance
  •     Current articles and advice about the mortgage process
  •     A comprehensive mortgage glossary

At (, prospective homebuyers can also find answers to their most common loan questions, download a loan application, and locate lenders in their geographical area.

During 2006, the National Association of Realtors (NAR) projected that apartment rents would increase by 5.3 percent, which was double the increase from 2005. Attributing the increase to a combination of factors including the one in three apartment buildings that were converted to condominiums for sale last year, NAR estimates a loss of 191,400 apartments. Compounded by a concurrent decline in new construction, competition for existing apartments has driven rents up, so renting may no longer be the great deal it once was.

"You can't predict what will happen to home prices in your neighborhood in the next few months, let alone the next few years," says CPA and financial planning specialist, Michael Eisenberg. Stressing that homeownership is a long-term commitment, he advises, "This is the biggest financial move a young person may ever make. You should make the investment because it makes sense for your finances. You buy when you're ready." can help prospective homeowners get ready. is a complete source of mortgage loan tools and resources, including calculators and a mortgage glossary. Visitors can find answers to the most common loan questions, download a loan application, or find lenders in their area.


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