"RateHub.ca’s new mortgage calculators take into account repeatedly overlooked factors like mandatory CMHC insurance and land transfer tax."
Toronto, ON (PRWEB) March 29, 2011
RateHub.ca, Canada’s mortgage rate comparison website, is launching a new generation of mortgage calculators which help first-time home buyers determine the true cost of homeownership.
Existing online mortgage calculators, catering to mortgage refinances and renewals, altogether ignore the hidden costs associated with purchasing a home. RateHub.ca’s new calculators take into account repeatedly overlooked factors like mandatory CMHC insurance and land transfer tax. Users are able to select from current mortgage rates and compare down payment levels, amortization periods, and payment frequencies. Options are laid out across multiple columns, so home buyers can compare financing scenarios simultaneously. The calculators are also accompanied by informational pop-up boxes and money-saving ‘quick tips’.
Users can approach calculations in two ways: a Mortgage Payment Calculator lets home buyers enter a property price and evaluate monthly payments or, home buyers can determine the maximum home price they can afford using the Affordability Calculator. Supplementing the calculators are schedules outlining the cash needed at closing, monthly expenses including both housing and utilities, and an amortization schedule.
With ninety-percent of first-time home buyers turning to the web for information on mortgages, they now have a calculator designed specifically for them.
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