Loan Calculator Benefits Explained In A New Loan Love Guide

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A new article from LoanLove.com provides links to a number of mortgage calculators and explains why these tools can be a borrower’s best friend.

LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. 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 and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. The experts at Loan Love are consistently finding new ways to aid their readers with their mortgage loan issues by providing them with helpful home loan planning tips and strategies. One of the websites most recent guides focuses on the loan calculator and explains why borrowers should not overlook these very handy tools.

The article says: “Ah, the loan calculator: A consumer’s best friend, at least if that consumer is looking to buy or refinance a home. Easy to use and faithful to the end, a loan calculator is all about YOU and your unique needs. OK, OK, so getting that excited by a mortgage calculator may seem like an excursion deep into Nerdville, but listen up: 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.”

Loan Love then provides a list of links to a number of free loan calculators, which can help borrowers make the best decisions when it comes to their home loans. These calculators include:

  •     Mortgage Payment
  •     Amortization Calculator
  •     New House
  •     Refinance
  •     Simple Savings
  •     CD
  •     Simple Loan
  •     Investment Calculator
  •     Credit Card Payoff
  •     Minimum Payment
  •     Auto Loan
  •     Annuity Calculator

LoanLove.com explains some of the benefits of loan calculators: “One thing these loan calculators all have in common… 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.”

Another benefit, that can often be overlooked, is that borrowers can take their time and try out as many differing mortgage scenarios as they can think of. This is in contrast to having to call up someone every time an idea strikes and having to feel pressured to not waste their time. The article says: “Unlike a human, a calculator isn’t going to tap its foot, gaze meaningfully at a clock or begin shuffling papers to make you move faster. It’s a no-pressure way to gain a clearer understanding of what’s going to work best for you, in terms of the rate, the term and even the amount of house you can actually afford.”

Of course, calculators can only tell the borrower so much; while they are great for giving a rough idea of specific scenarios, they are no substitute for a real, live person. To get a more accurate picture of all options, borrowers need to speak with an experienced mortgage professional who can perform a more detailed review of their circumstances and make sure they get the best deal possible.

For more information on loan calculators, please visit LoanLove.com.

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Kevin Blue
Loan Love
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