San Diego, CA (PRWEB) June 26, 2013
LoanLove.com has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they love. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals. To fulfill this goal LoanLove.com is continually updating their website with new articles and guides. A recently posted article on LoanLove.com reviews the many types of loan calculators, including the interest only loan calculator, and how they can benefit those who are looking for the best home loan or refinance rates.
The Loan Love article says: “Loan calculators really are incredibly useful and they can help you “try on” different loan situations so you can get a real idea of what your best options are likely to be, based on your budget and income. They really are easy to use, too: You only need minimal data to use these calculators – typically the amount you want to borrow, the loan term and the interest rate; if you have an idea of how much property taxes you’d likely pay or a rough idea of home insurance costs, so much the better. Punch in the data and the calculator will reward you with your monthly projected costs and can even provide you with a complete amortization schedule – that’s mortgage-speak for a chart that shows you what your mortgage balance would be as you make payments over the life of your loan or, in the case of an ARM, until the initial adjustment occurs.”
These simple loan calculators can also help calculate interest only loans. These are types of loans where the borrower only pays the interest on the principal balance for a set amount of time. At the end of this term, the borrower can choose to pay the principal or convert to an amortized loan. This option is good for those who want to benefit from low starting costs but who also know that they will be able to afford higher payments in the future or have even saved up enough to pay the principle balance altogether. Of course there are pros and cons to this or any other type of loan structure, so while using a mortgage calculator is a great way to “feel out” a loan option, the final step will always be to talk to a trained mortgage professional to figure out the best mortgage scenario for any borrower’s budget and goals.
The Loan Love article says, “Calculators can only tell you so much; while they’re great for giving you a rough idea of specific scenarios, they’re certainly no substitute for a real, live person. To get a more accurate picture of all your options, you need to speak with an experienced mortgage professional who can perform a more detailed review of your circumstances and make sure you get the best deal possible.”
For more information on loan calculators and how to find the best mortgage rates, please visit LoanLove.com for the full article.