interest only mortgage http://www.artwoo.com Returned search results for interest only mortgage Copyright 2008 Tue, 02 Dec 2008 03:05:19 +0000 http://www.artwoo.com/rss/interest+only+mortgage The Benefits Of An Interest Only Mortgage http://www.artwoo.com/article/the-benefits-of-an-interest-only-mortgage http://www.artwoo.com/article/the-benefits-of-an-interest-only-mortgage#comments Fri, 29 Dec 2006 22:27:06 +0000 interest only mortgagemortgage paymentsmortgage borrowerssecond mortgagebeneficialperiod of timeinterest rate http://www.artwoo.com/article/the-benefits-of-an-interest-only-mortgage interest only mortgage as an option for lower monthly payments on your .

With an interest only mortgage, your scheduled monthly payments are interest only. This means that for a certain you only pay the interest charges on your loan.

This can be of great benefit to you.

Pay close attention to the word "scheduled". In indicates that the lender only requires the borrower to make a payment in the amount of the interest. The borrower is still able to payments higher than the interest if desired.

The result of an interest only mortgage is that during the interest-period of the mortgage, payments are not credited towards the principal of the loan. Therefore, the balance of the loan does not change during this period of time.

If you're not paying down your loan balance, why would you want an interest only mortgage? An interest only mortgage is because the required monthly payment is lower than that of a non-interest only mortgage.

Borrowers with fluctuating incomes benefit from making interest only payments. Some borrowers are able to qualify for a larger loan because the interest only option decreases the monthly payment.

Borrowers who use a to finance their down payment often use the interest only mortgage as their primary mortgage since second mortgages usually have a higher . It makes sense to repay off the mortgage with the higher interest rate as quickly as possible.

Using the interest only option for the primary mortgage frees up the capital to do this.

Borrowers should beware because this low monthly payment does not last indefinitely.

After the interest only period has expired, your monthly payment to your mortgage will increase significantly, especially if you have not made any payments to the principal of the loan during the interest only period.

Let's say you have a $360,000 mortgage with a 30-year term. Without the interest only option your monthly principal payment would be $1,000. However, if you have an interest only mortgage for 5 years, your monthly principal payment will be $1,200 when the interest only option expires.

A 10-year interest only option will put the principal payments at $1,500 once the interest only period expires. The longer you have an interest only mortgage, the higher your principal payments will be when the interest only option expires.

The best way to manage an interest only mortgage is by making principal payments whenever possible. By doing this, you are decreasing the risk of having your monthly payments shoot up to an unaffordable level.

Even though you have an interest only mortgage, you may still see your interest payments increase during the interest only period. Why does this happen? Well, lenders only extend the option of an interest only mortgage with an adjustable rate mortgage (ARM) -- one that has a fluctuating interest rate. If the initial fixed rate period of the ARM expires before the interest only period expires, you are subject to an interest rate increase which leads to an increase in your monthly payment. Similarly, your interest rate could decrease resulting in a decrease in your monthly payment. Download a free ebook that shows you how to get the best mortgage: http://www.freelandproperty.com/ ]]> 80/20 Home Mortgage Loans - Creative Financing For Your Mortgage Loan http://www.artwoo.com/article/8020-home-mortgage-loans-creative-financing-for-your-mortgage-loan http://www.artwoo.com/article/8020-home-mortgage-loans-creative-financing-for-your-mortgage-loan#comments Wed, 29 Aug 2007 16:44:59 +0000 mortgage loansecond mortgagefirst mortgage1st mortgagepmi private mortgage insurancenullifiedloans http://www.artwoo.com/article/8020-home-mortgage-loans-creative-financing-for-your-mortgage-loan mortgage loan is where, for a new home loan, there are two separate with two separate payments. There are also two separate interest rates and the loans are usually funded by separate companies. The two loans consist of 80% of the loan amount and 20% of the loan amount. An 80/20 mortgage loan is a great option for those individuals who do not have a sufficient down payment for buying their new home.

Some of the benefits to having an 80/20 mortgage loan are:

1. No PMI - Private mortgage insurance is a monthly payment that every borrower needs to pay when they purchase a home with less than 20% down. PMI is insurance for the lender to protect the lender against losses should the borrower default on their loan. PMI does not insure the borrower in any way. When you split your mortgage into two loans, one loan is for 80% of the loan amount and the other is for 20% of the loan amount. So, PMI is not necessary for the .

2. Qualify for 100% Financing on Your Mortgage - Many times a borrower might not be able to qualify for 100% financing on their mortgage loan unless they do the 80/20 setup with their loan.

3. Lower Interest Rate on - Let's say you expect to be able to pay down a significant amount on your mortgage loan in the near future. It works in your best interest to get an 80/20 mortgage loan, because as you quickly pay off the , your interest rate on your first mortgage will be much less than if you had financed all 100% of the loan through one company. Usually the interest rate on the second mortgage is much higher, but that is if you pay the second mortgage off quickly.

There are many ways to use creative financing to finance a mortgage without any down payment. Try consulting with more than one broker to find out what all of your options are before you decide. http://www.mortgagesanity.com/2007/02/06/mtg-lenders/ ]]> Save A Fortune With A Simple Mortgage http://www.artwoo.com/article/save-a-fortune-with-a-simple-mortgage http://www.artwoo.com/article/save-a-fortune-with-a-simple-mortgage#comments Mon, 25 Dec 2006 12:27:17 +0000 interest mortgagestandard mortgagesimple mortgagedaily basisleap yearsinterest rategrace period http://www.artwoo.com/article/save-a-fortune-with-a-simple-mortgage interest mortgage is a mortgage in which the interest is calculated daily rather than monthly as with a .

Contrary to implications of the name, a simple interest mortgage is nothing but simple.

However a does have its benefits.

First consider a standard mortgage of $100,000 with a 6% with interest calculated on a monthly basis.

The interest due each month on a standard mortgage is equal to the monthly interest rate multiplied by the balance of the loan. The monthly interest rate is the annual interest rate of 6% divided by the number of months in a year.

So in the first month, the interest calculates to .5% multiplied by $100,000 giving $500.

With a simple interest mortgage, the 6% interest rate is divided by 365, since the interest is calculated daily rather than monthly.

In , the annual interest rate is divided by 366.

In a typical year, the daily interest rate is .016% (rounded).

The interest due for each day is equal to the daily rate multiplied by the balance of the loan.

For the first month, it is $16.44 each day.

This $16.44 accrues each day until the payment is received. When the lender receives a payment for the simple interest mortgage, the payment is first applied to the interest, then to the principle.

Since a simple interest mortgage accrues interest on a , the number of days in the month has an affect on the amount of interest charged.

For example, if the first month of the loan has 30 days, the total interest is $493. However, if the month has 31 days the interest charged is $510. So, in a 31-day month, the interest on a simple interest mortgage is higher than that of a standard mortgage.

If you borrow using a simple interest mortgage, you must be wary of when you send your payments.

Since interest on a simple interest mortgage is calculated monthly, there is no as with a standard mortgage. Each day past the due date costs you an additional $16.44 a day.

Since a simple interest mortgage applies payments first to your interest and to your principle second, late payments can cost you more than just the extra amount in interest.

If you are more than six days late with your payment during the first month, not a single penny will go toward your principle. Not only that, you could end up with negative amortization, especially if you are more than six days late.

Being meticulous with your payments is a must if you have a simple interest mortgage, otherwise, you will find yourself paying more money in interest than necessary.

In addition, it could take you longer to pay off your loan.

Don't think that just because the lender receives the extra interest when you are late on a simple interest mortgage payment that you are not subject to a late payment charge.

Late payment fees still apply. Also consider that "late" to the lender depends on when the payment is posted to your account, not when you wrote the check or when you placed the payment in the mail. Download a free ebook that shows you how to get the best mortgage: http://www.freelandproperty.com/ ]]> Is An Interest Only Mortgage A Good Idea? http://www.artwoo.com/article/is-an-interest-only-mortgage-a-good-idea http://www.artwoo.com/article/is-an-interest-only-mortgage-a-good-idea#comments Sat, 29 Jul 2006 12:27:05 +0000 mortgage paymentsinterest only mortgagerepayment mortgagemortgage termmortgage capitalinvestment fundextra money http://www.artwoo.com/article/is-an-interest-only-mortgage-a-good-idea interest only mortgage. If you are unsure about what an interest only mortgage is and how it can help you, then this article can provide you with some useful tips on getting an interest only mortgage.

What is an interest only mortgage?

An interest only mortgage is a mortgage where you only pay back the interest on the loan, and none of the capital debt is repaid directly. Once you get to the end of the , you will pay back the capital payment in full.

How do you pay back the capital?

Although you don't pay the capital back directly through your monthly , you indirectly pay for the capital. You pay for the capital through an or other lump sum. So, instead of repaying your each month through mortgage payments, you may monthly payments into an investment fund. Apart from investment funds, the other main ways to pay off the capital are:

Savings Switching to a Another lump sum such as inheritance

What is the advantage of this?

Although you are still making monthly payments into an investment fund, these payments are likely to be a lot lower than the monthly mortgage payments you would pay on a normal repayment mortgage. Your interest only payments will be low each month and so if you cannot afford to pay a lot each month at the moment, an interest only mortgage might be a good idea. Also, the idea is that the money you put into the investment fund will mature and leave you with enough money to pay off the capital at the end of the mortgage term as well as leaving you with some .

Are there risks?

Of course, there are a number of potential risks of getting an interest only mortgage. The first problem is that if you are hoping to pay off the capital by switching to a repayment mortgage later on, you will be paying back a lot more money than if you started on a repayment mortgage. Although you may find it hard right now, getting a repayment mortgage to start with might be a better option. However, the main risk involved with interest only mortgages is that the investment fund you set up will not be enough to pay back the capital at the end of the mortgage term. If you cannot pay back the capital then you could end up losing your home at a time in your life that it will hit you hardest, such as at retirement age.

If you are going to take out an interest only mortgage, make sure that the funding method you use is safe, and that you have contingency plans if the fund is insufficient to pay back the capital. If you do this, then getting an interest only mortgage can be a great way of keeping your payments low whilst you improve your income. Peter Kenny is a writer for creditcards-gb For additional articles and an extensive resource for everything about credit cards, please visit us at http://www.creditcards-gb.co.uk and http://www.thriftyscot.co.uk/Mortgages/ ]]> How Is Your Mortgage Interest Calculated? http://www.artwoo.com/article/how-is-your-mortgage-interest-calculated http://www.artwoo.com/article/how-is-your-mortgage-interest-calculated#comments Sat, 21 Jul 2007 08:15:00 +0000 repayment mortgagemortgage balancemortgage dealmortgage debtinterest only mortgagesthis meant thatrepayment mortgages http://www.artwoo.com/article/how-is-your-mortgage-interest-calculated
With the amount of loan that is outstanding remains the same throughout your and therefore the amount of interest you pay is known at the beginning of each year, assuming interest rates don't change.

However, this is not the case with s, also known as capital and interest mortgages. With this type of mortgage part of your monthly payment is used to reduce the amount of your loan outstanding. This means at the end of each year you will have less than at the start of the year. A number of years ago most lenders calculated interest annually. at the start of each year they looked at the amount of mortgage that you owed and based the interest that you would pay in the following year on that amount. They took no account of the amount of your mortgage that you paid off monthly during that year. At the end of the year they would look at the reduced amount of mortgage that you now had and start the process again.

In recent years a significant number of lenders have moved to calculating interest daily. This is more beneficial to the borrower because the amount of interest you pay takes account of the fact that your is reducing each month.

Let's take a simple example of a repayment mortgage of =A3100,000 being repaid over 20 years with an interest rate of 5%. The monthly payment would be =A3659.96. Of this approximately =A3250 is for repayment of the loan. So after six months you would have paid roughly =A31500 of your =A3100,000 mortgage back. So why should you have to pay interest for the second six months on a loan of =A3100,000 when your mortgage is now only =A398,500? Well you don't have to. If you take out a mortgage with a lender who calculates interest daily you will only ever pay interest on the actual amount of loan that you have outstanding.

The best way to make sure you get a mortgage with interest calculated daily is to use a mortgage search engine that allows you to look only at mortgages that have this feature. It's not the only thing you should take account of =96 ultimately the true cost of the mortgage over the mortgage deal is what matters =96 but its worth looking out for. http://www.mform.co.uk allows you to compare mortgages form all UK mortgage lenders. ]]> Is An Interest-Only Mortgage For You? http://www.artwoo.com/article/is-an-interest-only-mortgage-for-you http://www.artwoo.com/article/is-an-interest-only-mortgage-for-you#comments Thu, 05 Oct 2006 22:27:06 +0000 fixed rate mortgageadjustable rate mortgagemortgage paymentsinterest only mortgageinterest only mortgagesmortgage paymentmortgage interest http://www.artwoo.com/article/is-an-interest-only-mortgage-for-you interest only mortgages. It's no wonder. There is actually no such thing as a mortgage which you only pay the interest on. With an interest only mortgage, you still have to pay down the principal on the loan. What you actually get is an interest only payment method which lasts for a set period and then you revert to a more traditional type of mortgage.

As you probably know, your mostly goes to pay off the interest; typically 95% of your payment goes toward the loan interest. So for a standard $100,000 mortgage at 6% interest, your monthly payment would be $600. Of that $600, $100 goes to pay down your principal and $500 goes to pay the interest charges.

involve jumbo loans and the difference in the monthly loan payment gets larger as the loan amount increases. So while there is a difference of $100 for a $100,000 loan, the difference on a $1,000,000 loan would be $1000. Savvy investors can use that $1000 per month to leverage their income and build assets much faster.

Interest only mortgages have traditionally been used by investors or wealthy individuals who are able to make a profit on the principal part of their mortgage payment. However, today virtually anyone can obtain an interest only mortgage.

The payment period of the interest only mortgage is based upon the . However, sometimes, it can be offered with a fixed rate as well. However, the payment period usually does not run for the entire loan term, even with a . Interest only mortgages are only temporary; InterstFirst loans only allow interest only to be made for half of the total loan term. When the interest only mortgage payments come to an end, the amount of your loan payment will then rise to include both the interest and principal.

Interest only mortgages have advantages for certain types of borrowers. For one thing, the payments at the onset are lower so this frees up additional cash to be used elsewhere It can be invested or it can be used for needed cash flow. The spare cash can be used in any manner such as additional income, college expenses, or to build savings. The catch is that after a certain time, your interest only payments will expire and then your loan payment will be higher each month thereafter.

You are the only one who knows your situation and can determine if an interest rate mortgage is right for you. Consult with a banker or mortgage broker for advice and specific financial information such as projected monthly payments, then weigh your other mortgage options before you decide. Gavin Sanderson writes articles about mortgages. Discover more information about mortgages at http://www.mortgage-savvy.com and http://www.mortgage-future.com. ]]> Understanding Interest Only Mortgages http://www.artwoo.com/article/understanding-interest-only-mortgages http://www.artwoo.com/article/understanding-interest-only-mortgages#comments Sat, 19 Jan 2008 04:20:01 +0000 mortgage agreementrepayment mortgagefirst time buyersinterest only mortgageloan lendersrepaymentsamount of money http://www.artwoo.com/article/understanding-interest-only-mortgages interest only mortgage. This type of mortgage means that the monthly that you make are just taken off the amount of interest that the mortgage accumulates. The capitol which you borrowed must be paid back when the mortgage has run its terms.

The interest only mortgage seems to be very popular with those who are house buying for the first time. Recent research showed that the amount of taking out an interest only mortgage rose to 18%. The mortgage could be popular because the rates of interest are usually a lot lower than a . Due to this it is the only type of mortgage that many starting out first time in buying can afford.

However while low rates of interest are a good thing the down side is that when the term of the mortgage comes to an end you will still owe the same that you started out owing. If you do not have a means of paying this then of course you would have to take out another loan.

Lenders have perhaps become a little lack with this type of loan because years ago you would have to be able to prove to them that you had means of repaying the capitol at the end of the mortgage. Today you can take out an interest only mortgage and having to find the capitol is only mentioned on the bottom of the .

Ideally those taking out this type of mortgage should have some form of investment that they are able to fall back on and so use it to repay the capitol of the loan. While the interest only mortgage does give the cheapest rates of interest over the long term it is one of the dearest types of mortgage.

If you want to be sure that you can own your home at the end of the mortgage arraignment then you have to have a repayment mortgage, unless of course you already have the means by way of an ISA. This means that part of the monthly repayment goes towards the interest and the other part towards the capitol. If you have an interest only mortgage then you should consider changing a part of it to a repayment mortgage or start saving money in an ISA account.

If you want to check out the rates of interest that come with interest only mortgages then go with a specialist website. You can get several quotes together on one page which makes comparing quotes easy and quick. You also have to take into account the small print of any loan you are considering as this is where you can find the added costs. Costs such as set up fees can vary widely from lender to lender so it is worthwhile choosing a mortgage with low costs or costs that have been waivered. The small print can include valuation fees and a lump sum payment if you should want to switch mortgages within s certain time frame of taking out the mortgage. Jason Hulott is Business Development Director at UK Mortgages service, PolarMortgages (http://www.polarmortgages.co.uk). Visit Polar Mortgages now for more information about UK mortgages and remortgages. ]]> The Two Basic Types Of UK Mortgage http://www.artwoo.com/article/the-two-basic-types-of-uk-mortgage http://www.artwoo.com/article/the-two-basic-types-of-uk-mortgage#comments Fri, 14 Apr 2006 20:50:03 +0000 fixed rate mortgageadjustable rate mortgagemortgage providerworst case scenariomarket interest rateinterest rate changeshttp http://www.artwoo.com/article/the-two-basic-types-of-uk-mortgage
The fixed-rate mortgage is the most simple of mortgages and the one which most people see as the traditional way to purchase your home. This involves the lending you the money you need to buy your home and, using their interest rate, calculating how much interest the loan will accrue over the period for which the mortgage has been borrowed. This is usually either 15 or 30 years. The sum of the interest is added on to the amount being borrowed and the monthly repayments are simply the result of this total divided by the number of months over which the mortgage will be repaid. This ensures that the monthly amount stays the same for the life of the mortgage.

The adjustable-rate mortgage is slightly different. The interest to be paid on the amount of the loan that you borrow changes dependent on in the country. The first year of the mortgage is usually offered with a teaser rate of interest. This is generally slightly lower than the . After this point the interest reverts to the standard level for that time. However, you do have a cap at which point the interest will not get any higher. This is usually five points higher than your teaser interest rate so if your teaser was 4% your cap would be 9%. The important thing to consider if you are thinking about opting for the adjustable-rate mortgage is that you may have to pay the capped level of interest for the life of the loan. That is the but it is certainly worth calculating whether you could afford this level of monthly repayment just in case you may have to in the future. Mark Lambie is the founder of http://www.loan-source.co.uk a website providing homeowners with free secured loans quotes. ]]> Who Wants Low Mortgage Rates? http://www.artwoo.com/article/who-wants-low-mortgage-rates http://www.artwoo.com/article/who-wants-low-mortgage-rates#comments Sat, 29 Apr 2006 00:50:03 +0000 refinance mortgagemortgage ratesmortgage refinancemortgage ratemortgage corporationeloangeorgia http://www.artwoo.com/article/who-wants-low-mortgage-rates s? A low mortgage rate means spending on monthly payments during the course of a mortgage. A low mortgage rate can save homebuyers like you several thousands of dollars. A low mortgage rate means having more funds to spend on investments that might prove profitable.

Despite the reported increase of previously low mortgage rates, rates today are still low enough to consider a for your home. The Internet provides you with the perfect portal to start applying for those low mortgage rates. Below is a list of websites where you can apply for low mortgage rates.

Low Mortgage Rates at Interest .com

Interest.com offers you an opportunity to compare rates of several lending companies in your state so you can have a better chance at getting a low mortgage rate. For instance, you want to apply for a low mortgage rate on a 30-year fixed rate in . The amount you wish to borrow is $100,000 with no discount points and a standard loan type. After clicking on the search button, the page will display the low mortgage rates of several lending companies in Georgia, including Sterling Home whose low mortgage rate is 5.375%. There are several other lending companies that offer low mortgage rates and all you have to do is choose the one offering the lowest rate.

The Low Mortgage Rates of MortgageRatesUSA .com

Mortgage Rates USA is yet another company that offers choices and options for costumers who are on the look out for low mortgage rates. Their online low mortgage rate quote request is free and secure. The information you provide so the website could generate your low mortgage rate quote request is only shared with the lender and not with any third party.

The Low Mortgage Rates of .com

E-Loan is one of the top lending companies offering low mortgage rates. The reason for their low mortgage rates is that they do not charge you with any lender fees or any other hidden costs which is the main culprit to an increased mortgage rate. For example, a 5-year adjustable rate mortgage with E-Loan has a low mortgage rate of 4.625% and an APR of 5.078%.

How to take advantage of low mortgage rates

Refinancing is something that all homebuyer should consider when the market offers low mortgage rates. When you refinance, you take advantage of low mortgage rates by paying off your first mortgage with a new mortgage with low mortgage rates. This move can help you lower down your monthly payments and save on your overall interest bill.

For example, you have a year into a $150,000 loan for 30 years. The interest rate is 8.5 per cent and fixed for the duration of the loan period. You can refinance your first loan with a new 30-year loan with a low mortgage rate of 7 per cent. By doing this, you can cut down on your monthly payment by $155 to $998. The low mortgage rate of the new loan can also help you reduce your overall interest bill by $42,200 to $223,000. To find the best resources for a 2nd mortgage the author provides a website with detailed infos and resources at: http://www.2nd-mortgage.com-internet-online.com ]]> Factors To Consider When Mortgaging Your Property http://www.artwoo.com/article/factors-to-consider-when-mortgaging-your-property http://www.artwoo.com/article/factors-to-consider-when-mortgaging-your-property#comments Mon, 14 Aug 2006 12:27:25 +0000 mortgage paymentsmortgage moneymortgage companiesrates mortgagemortgage feesmortgage requirementsmortgage deal http://www.artwoo.com/article/factors-to-consider-when-mortgaging-your-property mortgage requirements.

However, every person should be cautious about mortgaging his property especially if interest rates are high. The best advice is not to opt for mortgage when there are other ways to get cash or financing. However, when there is no other option and the person is faced with a good then he should go on with it and not wait for a better deal anymore.

Any person who is planning to mortgage his property should consider the following:

The prevailing interest rates -Do not just think about the cash you will be able to raise once the mortgage is approved. Think about the amount that will be repaid for a certain period of time, including the principal as well as the interest rates. Shop around for offering the best deal on interest rates. The lower the rates, the better it is for the borrower. Also look into mortgage companies that are offering locked in interest rates.

-.While interest rates should be the primary consideration when getting a mortgage, any person planning to get a mortgage should also take note of the transaction or involved. More often, the take home amount of the person applying for the mortgage will be lower than the approved amount considering the payment for the bank, the lawyer and other fees,

Where the will be used -While most borrowers mortgage their property to refurbish an old house or to pay for an outstanding balance of another property, there are times when the money does not really go to the intended purpose. Make sure that the money borrowed will add value to the property for which is will be used so that you will not regret mortgaging your property later on.

Getting a mortgage may be easy but every borrower should know the great responsibility that goes with mortgaging one's property. Getting cash in exchange for mortgaging a property will mean you will be indebted to a company with your property as collateral. If you must, create a repayment scheme so that you are able to know where to get the monthly payment for the mortgage. This way, you will not take the chance of losing the mortgaged property. The author is a regular contributor to http://www.onlinemortgageideas.com where more information about mortgages and home equity loans is available. ]]> The New 50 Year Mortgage http://www.artwoo.com/article/the-new-50-year-mortgage http://www.artwoo.com/article/the-new-50-year-mortgage#comments Mon, 31 Jul 2006 22:27:12 +0000 year mortgagemortgage paymentscentury mortgageinterest only loansideapurchase homesfinance world http://www.artwoo.com/article/the-new-50-year-mortgage year mortgage. While 30 year mortgages had dominated the market for decades, the of being able to spread out your over forty years was just almost too much to comprehend. Now, there is the new 50 year mortgage and if the 40 year mortgage took the by storm the 50 year mortgage is leaving many people speechless.

But, is a half really a good idea? Well, there are certain some advantages to a 50 year mortgage. The most obvious advantage is that it allows a homeowner to spread out the cost of a home purchase and lower monthly mortgage payments. In housing markets where prices have skyrocketed this can be a major pro because it may make it available for individuals to who might not have been able to do so otherwise.

Of course, there are also major disadvantages to consider as well. When considering a 50 year mortgage it is extremely important to consider your age at the time of the purchase. For example, let's say you're 30 at the time your purchase the home. With a 50 year mortgage, your home would not be paid off until you're 80. If you think you'll still be able to meet those monthly mortgage payments long after the age by which most people have retired, this might not be a bad option. On the other hand, if you're looking to be debt free by the time you retire, it's best to consider another option.

It is also important to remember that the longer you draw out the payments on your home purchase, the more you're paying in interest. This is why many critics of the 50 year mortgage are referring to them as interest-only loans. When you stop and actually look at the numbers, you'll see that with this type of mortgage you're paying a lot more in interest for your home that you would with any other type of home loan, even a 40 year mortgage. That's money you might be able to put toward something else, especially if you're looking ahead toward retirement. On a $300,000 home purchase at the going interest rate the monthly payments would be in the neighborhood of $1,800 per month with a 30 year mortgage. Conversely, with a 50 year mortgage at the same interest rate you could drive down the price of the monthly mortgage payment by about $200 per month. Since, you'll be paying for the home 20 years longer with the 50 year mortgage than you would with the 30 year mortgage; however, you'll actually end up paying more than $300,000 more for the home over the course of the 50 year mortgage than with the 30 year mortgage. If you went with the 30 year mortgage and the monthly payment that is $200 a month more, sure you'll spend $72,000 over the course of the next 30 years but then your home will be paid for in full. With the 50 year mortgage you'll still be responsible for that $1,600 a month house payment for the next 20 years. Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk and also http://www.cardguide.co.uk ]]> Interest-Only Mortgage Rates And What They Are http://www.artwoo.com/article/interest-only-mortgage-rates-and-what-they-are http://www.artwoo.com/article/interest-only-mortgage-rates-and-what-they-are#comments Fri, 02 Jun 2006 12:32:09 +0000 interest only mortgage ratesmortgage rateinterest only mortgagelibor indexlondon interbank offered rateprincipal loan balancelenders http://www.artwoo.com/article/interest-only-mortgage-rates-and-what-they-are mortgage rates are based on fixed rate payments. Some interest-only mortgage rates are set on adjustable rate payments. Whichever is the case, interest-only mortgage rates are always tied to the .

The libor index of interest-only mortgage rates stands for . LIBOR is the interest rate offered by a specific group of banks in London for matured U.S. dollar deposits. Choosing libor index as basis for your interest-only mortgage rates entitles you to a number of benefits. Below is a short list of these interest-only mortgage rate benefits.

Benefits of Interest-Only Mortgage Rates

Interest-only mortgage rates allow you greater purchasing power. Because interest-only mortgage rates have lower costs compared to fixed rates or other types of loans, you are afforded extra money which would have been spent on high monthly payments. Interest-only mortgage rates give you the chance to qualify for other loans, thus enabling you to buy more home or real estate properties.

In an interest-only mortgage rate, your payment schedule is more flexible compared to other loan types. Most of interest-only mortgage rates do not put any restrictions or penalties should you find it convenient to start paying off the . Even with prepayments, many interest-only mortgage rate lenders will still let you pay up to 20% of your loan balance during any 12 month period without prepayment penalties. This flexibility of interest-only mortgage rates gives homebuyers more incentives in taking an interest-only mortgage rate.

Interest-only mortgage rate also reduces the income you need to have in order to qualify for a loan. Lenders allow borrowers to qualify for an interest-only mortgage rate if the interest rate is fixed for a period of three or more years.

Interest-only mortgage rates also provide the consumer an unlimited cash flow. Other loans, like fixed rates often have restrictions on how much a home buyer can "cash out" during refinancing. There are cases where the desired amount is $300,000 but since fixed rate loans only allow $150,000 to the borrower, bank try to charge higher rates.

With interest-only mortgage rates, there is no limit to the amount of cash you can take. Interest-only mortgage rates were created for the wealthy and savvy investor types.

Some lenders though put certain restrictions on the amount of cash out an interest-only mortgage rate borrower can take. But even then, interest-only mortgage rate programs are made available to borrowers who want to avoid incurring penalties when taking large equity sums.

Below are some interest-only mortgage rate programs made available to you:

One Month Libor Loan -- The interest-only mortgage rate of this loan is the sum of the LIBOR index plus a margin of 0.125%. The margin will remain fixed throughout the term of interest-only mortgage rate loan. However, with the index value adjusted every month, your interest-only mortgage rates may also be changed.

Six Month Libor Loan -- Like the One Month Libor Loan, the interest-only mortgage rate of this loan is the LIBOR index and margin which is 0.125%. The margin will only be adjusted every six months along with the index value. This in turn would adjust your interest-only mortgage rates every six months.

One Year Libor Loan -- The interest-only mortgage rate of this loan is the LIBOR index plus a margin of 0.125%. Every year, the interest-only mortgage rate will adjust when the margin changes along with the index value. If you're set on greatly increasing your odds at discovering how to exploit the profit potential of real estate.... Then this may be the most important website you'll ever see! Go to http://www.fsbodomination.com and you may reproduce this article as long as there is an active hyperlink accompanied with it. ]]> Is An Interest Only Mortgage What You Need? http://www.artwoo.com/article/is-an-interest-only-mortgage-what-you-need http://www.artwoo.com/article/is-an-interest-only-mortgage-what-you-need#comments Tue, 24 Apr 2007 09:25:04 +0000 fixed rate mortgageadjustable rate mortgageinterest only mortgagemortgage interestinterest only mortgagessalaryinitial payments http://www.artwoo.com/article/is-an-interest-only-mortgage-what-you-need Interest only mortgages are becoming more in demand - now that people are learning about them. Recent changes have made them more popular and it could be just the thing that you need. Here are a few tips that will help you determine if you should get an interest only mortgage.

give you the opportunity to buy a larger house than you might be able to obtain otherwise. They have an initial period of from 5 to 10 years in which the interest only is being paid. During this time period, your payments are lower because you are paying interest only. In a regular mortgage, each month normally includes some of the principal involved in the payment, and this slowly reduces both the principal and the interest.

An interest only mortgage is often attached to an , but can just as easily come as a . If you get an interest only mortgage on an adjustable rate mortgage, it will enable an even greater reduction in the payment each month.

The actual idea of an interest only mortgage is a little deceiving. For one thing, there is no such thing as an interest only mortgage - you must pay the principal at some time. This mortgage is generally divided in two sections =96 the first part being interest only with smaller payments, and then it changes to a fixed rate mortgage with payments that will enable a full amortization.

The individual that is best suited to this type of mortgage is someone who is on a short road to success - or at least believes they are. Not having all the money they need up front, they need to get a larger house, but are quite sure that their financial situation will rapidly be improving - soon. The lower gives them the opportunity to buy a larger house and the soon coming larger should come before the payments increase.

Many are now using an interest only mortgage to get the larger house, but have no real prospects of a larger salary. This could certainly lead to trouble with this type of mortgage. After the interest only mortgage changes to a fixed portion, and you start making payments on the principal, too, what happens is that the payments will now jump much higher. The payments were lower in the first place than what they should have been, but now the balance must be paid in the remainder of the time left.

If you are an investor and know how to take the extra portion of what would be your regular payment, and invest it for a higher return, then this could work well for you. Otherwise, it is probably just a good idea to make a full payment as often as possible, so that you can start reducing the principal before your full payments kick in.

When getting any mortgage, be sure to compare it with several other offers. This way you can see what is available, compare it, and find your best deal on an interest only mortgage. Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk/mortgages.html and also http://www.nationsfinance.co.uk/mortgages/ ]]> The Benefits Of A Fixed Rate Mortgage http://www.artwoo.com/article/the-benefits-of-a-fixed-rate-mortgage http://www.artwoo.com/article/the-benefits-of-a-fixed-rate-mortgage#comments Sun, 17 Dec 2006 10:27:40 +0000 fixed rate mortgageadjustable rate mortgagemortgage paymentsmortgage loaninterest rateloan interest ratesinterest rates drop http://www.artwoo.com/article/the-benefits-of-a-fixed-rate-mortgage mortgage loan for your home you have a choice between an and a .

There are many benefits in a fixed rate mortgage:

The primary difference between the two is that the with adjustable rate mortgage has the potential to go up or down depending on economic factors while the interest rate for a fixed rate mortgage remains the same throughout the life of the loan.

What's Good?

• With a fixed rate mortgage monthly payments remain stable over the course of the loan. Interest rates in the economy can go up or down, but the interest rate for your fixed rate mortgage remains the same. This means that your monthly interest and principal payments will not change as long as you are paying the loan.

• No unexpected increases in monthly payments due to interest rate increase. Since the interest rate does not change, you are not subject to increases with your monthly payment as you would be with an adjustable rate mortgage. With a fixed rate mortgage, you don't have to worry about income increases to ensure you will be able to cover future .

• Easier to budget because your monthly payments are stable. Since you always know what your monthly payments are going to be, it is easier to budget from year to year when you have a fixed rate mortgage.

What's No So Good?

• Higher initial monthly payments as compared to an adjustable rate mortgage. In the first few years of your fixed rate mortgage, your monthly payments will be higher than if you had an adjustable rate mortgage.

• A higher income is necessary to qualify for a fixed rate mortgage. This is because the fixed rate mortgage has a higher interest rate and subsequently a higher monthly payment. Lenders need extra assurance that you will be able to handle the monthly payment. Thus, the increased income requirement.

• May need to refinance if . If market interest rates drop and you keep your fixed rate mortgage, you will end up repaying much more in interest than if you refinance. Should the time come to refinance, compare the amount that you would pay in interest over the life of your loan to the cost of refinancing and the amount you would save.

Repaying in Half the Time

One of the factors that attracts borrowers to the fixed rate loan is the ability to repay in 15 years instead of 30.

All the characteristics of a 30-year fixed rate mortgage are present with a 15-year mortgage, but there are some key differences.

The interest rate with a 15-year fixed rate mortgage will be lower than that of a 30-year. However, since you are repaying the loan in a shorter period of time, the monthly payments will be higher.

Is the decrease in interest rate worth the increase in price? Usually, a borrower chooses a fixed rate mortgage, not because of the lower interest rate, but because of the decrease in time it takes to own the home. With a 15-year fixed rate mortgage, the homeowner gains home equity quicker than with a 30-year. Claim A Free e-book that will show you how you can claim free land and real estate: http://www.freelandproperty.com ]]> Adjustable Rate Mortgages vs. Fixed Rate Mortgages http://www.artwoo.com/article/adjustable-rate-mortgages-vs-fixed-rate-mortgages http://www.artwoo.com/article/adjustable-rate-mortgages-vs-fixed-rate-mortgages#comments Tue, 25 Jul 2006 10:27:10 +0000 fixed rate mortgageadjustable rate mortgageadjustable rate mortgagesmortgage ratemortgage worksmortgage marketmortgage payment http://www.artwoo.com/article/adjustable-rate-mortgages-vs-fixed-rate-mortgages
Two of the most common choices you'll find in the are s and s. Fixed rate mortgages are the most traditional type of home mortgage, offering a fixed interest rate that does not change throughout the life of your loan. There are a number of important advantages associated with this type of mortgage. First, if you are budget conscious, this type of mortgage will give you the peace of mind in knowing that your monthly mortgage amount will not change. You can budget the remainder of your financial obligations without worrying about a changing to throw things off.

An adjustable rate differently. With this type of mortgage you may be able to obtain a lower interest rate than would normally be available with a fixed rate mortgage; however, the interest rate is not fixed. This means that your monthly may change as interest rates change. With such a mortgage you may not be able to regularly plan your budget due to such fluctuations. While there is usually a cap that will keep the interest rate from fluctuating too much, even a little fluctuation can be too much for some homeowners. Of course, there is also the possibility that interest rates will drop and if that is the case, because your mortgage is adjustable, your monthly payments will drop right along with the interest rate.

When deciding whether a fixed rate or adjustable rate mortgage is your best choice, you need to give thought to several factors. Ask yourself whether it is more important to be able to plan your monthly budget without wondering whether your mortgage will fluctuate or whether you would prefer to receive a lower interest rate in the beginning of your mortgage.

Remember that if you decide you would like to obtain the advantages of both you do have other options available to you. For example, if you feel the interest rate offered to you on a fixed rate mortgage is too high but you want the security of not having to worry about a fluctuating interest rate you can always buy down your interest rate by purchasing points. This will mean more up front costs for your mortgage; however, it may be worth it to decrease the interest rate, especially if interest rates are currently high.

If you do elect to go with an adjustable rate mortgage make sure you understand exactly how high the rates may go as well as ensure you have enough 'wiggle' room in your monthly budget to cushion increases if they occur. This may help to keep you out of a tight spot and possibly losing your home due to rising interest rates. Joe Kenny writes for the UK personal finance sites http://www.ukpersonalloanstore.co.uk and also http://www.cardguide.co.uk ]]> How To Choose Between A Fixed Rate Mortgage And A Variable Rate Mortgage http://www.artwoo.com/article/how-to-choose-between-a-fixed-rate-mortgage-and-a-variable-rate-mortgage http://www.artwoo.com/article/how-to-choose-between-a-fixed-rate-mortgage-and-a-variable-rate-mortgage#comments Wed, 09 Apr 2008 21:20:00 +0000 variable rate mortgageinterest fluctuationsinterest rate mortgagevariable interest ratefixed rate mortgagemortgage contractscurrent interest rate http://www.artwoo.com/article/how-to-choose-between-a-fixed-rate-mortgage-and-a-variable-rate-mortgage Fixed Rate Mortgage and the .

As the name suggest, the fixed rate you for specified interest rate over a specific period of time. This period of time is refereed to as a mortgage term. A mortgage can range anywhere from a six months loan to 30 years.

Though the variable rate mortgage may have payment terms that are fixed, the interest rates can change. The moves in the market prevail in determining interest rates. You technically pay a fixed payment every month. What the variable rate mortgage is does is distributes what you pay in interest and what goes towards your premium depending on the . If the interest raises your payment toward the principle decreases and the payment toward the interest increase. The reverse is true if interest rates decrease.

Which type of mortgage is right for your depends on your ability to handle the . A fixed rate mortgage is a better fit for you if you like the stability of a fixed payment over a predetermined period of time.

You can apply for any term mortgage you feel you want, for example, a five year fixed table can be created for you with a fixed rate mortgage. This means that for five years you will repay the loan with a fixed interest rate table.

Some borrowers prefer to take a chance with the variable . The variable rate is for you if you feel that the amount you applied for can be repaid more quickly at a much lower interest rate. With this type of mortgage there is a possibility that the interest rate will lower during the term of the loan allowing you to pay down your premium more quickly.

Because of their expertise to predict the trends of the current economic conditions, financial experts are probably better of with a variable rate mortgage. They would certainly benefit even more from a variable rate mortgage if they can accurately predict the trends for the next couple of years.

While trying to decide on which of these two mortgage rates fits your comfort level, analyzed your analytic skills and financial abilities. Variable rates are not proven to be as stable as the fixed rate. If you want consistency, the fixed rate is for you.

There are some risk attached to the variable rate but it does have its rewards. Can you handle the risk-reward payoff? If so, then the variable rate is probably the route for you. Lee Dobbins writes for http://www.moving-and-more.com where you get more advice on every aspect of the moving process. Visit http://www.moving-and-more.com/mortgageadvice.html for more mortgage advice. ]]> How To Choose Between A Fixed Rate Mortgage And A Variable Rate Mortgage http://www.artwoo.com/article/how-to-choose-between-a-fixed-rate-mortgage-and-a-variable-rate-mortgage http://www.artwoo.com/article/how-to-choose-between-a-fixed-rate-mortgage-and-a-variable-rate-mortgage#comments Fri, 09 Mar 2007 22:27:03 +0000 variable rate mortgageinterest rate mortgagefixed rate mortgagemortgage contractsmortgage termterm mortgagevariable interest rate http://www.artwoo.com/article/how-to-choose-between-a-fixed-rate-mortgage-and-a-variable-rate-mortgage Fixed Rate Mortgage and the .

As the name suggest, the fixed rate you for specified interest rate over a specific period of time. This period of time is refereed to as a . A mortgage can range anywhere from a six months loan to 30 years.

Though the variable rate mortgage may have payment terms that are fixed, the interest rates can change. The moves in the market prevail in determining interest rates. You technically pay a fixed payment every month. What the variable rate mortgage is does is distributes what you pay in interest and what goes towards your premium depending on the current interest rate. If the interest raises your payment toward the principle decreases and the payment toward the interest increase. The reverse is true if interest rates decrease.

Which type of mortgage is right for your depends on your ability to handle the interest fluctuations. A fixed rate mortgage is a better fit for you if you like the stability of a fixed payment over a predetermined period of time.

You can apply for any you feel you want, for example, a five year fixed table can be created for you with a fixed rate mortgage. This means that for five years you will repay the loan with a fixed interest rate table.

Some borrowers prefer to take a chance with the variable . The variable rate is for you if you feel that the amount you applied for can be repaid more quickly at a much lower interest rate. With this type of mortgage there is a possibility that the interest rate will lower during the term of the loan allowing you to pay down your premium more quickly.

Because of their expertise to predict the trends of the current economic conditions, financial experts are probably better of with a variable rate mortgage. They would certainly benefit even more from a variable rate mortgage if they can accurately predict the trends for the next couple of years.

While trying to decide on which of these two mortgage rates fits your comfort level, analyzed your analytic skills and financial abilities. Variable rates are not proven to be as stable as the fixed rate. If you want consistency, the fixed rate is for you.

There are some risk attached to the variable rate but it does have its rewards. Can you handle the risk-reward payoff? If so, then the variable rate is probably the route for you. Lee Dobbins writes for http://www.moving-and-more.com where you get more advice on every aspect of the moving process. Visit http://www.moving-and-more.com/mortgageadvice.html for more mortgage advice. ]]> How A Mortgage Can Consolidate Your Debts http://www.artwoo.com/article/how-a-mortgage-can-consolidate-your-debts http://www.artwoo.com/article/how-a-mortgage-can-consolidate-your-debts#comments Mon, 25 Dec 2006 10:27:18 +0000 consolidate debtssecond mortgageconsolidate debtprivate mortgage insurancecredit scoreconsolidate your debtinterest rate http://www.artwoo.com/article/how-a-mortgage-can-consolidate-your-debts
If you have already repaid your mortgage, you can take out another primary mortgage.

Taking out a is an additional option to s for those homeowners who still have a primary mortgage.

How sound of an idea is it to use a mortgage to s?

You should never use a mortgage to consolidate your debts if the for your debt is lower than the interest rate you would have on a mortgage.

This would mean that you are paying a higher cost for the mortgage than you were paying on your debts. This is not a sound financial decision.

There is a slight exception to this rule.

If you your current debt has some kind of introductory rate that will expire and leave you with an interest rate that will be higher than that of the mortgage, then a mortgage to consolidate debt is worth considering.

There are other factors, in addition to interest rate, that you should take into account when you consider using a mortgage to consolidate your debt.

When you have less than 20% equity in your home, you are required to pay .

If these premiums plus the amount of your mortgage without consolidating your debts is the same as or less than the amount of your mortgage with consolidating your debt, then you do not incur extra costs by consolidating.

However, if the private mortgage insurance causes your monthly payment to increase, then consolidation is costing you.

A lot of homeowners make the mistake of thinking only about the monthly payment of their mortgage in addition to what they are paying on their debts without consolidating in comparison to the mortgage with debt consolidating.

Take into account that when you consolidate debt with a mortgage, you are paying it over a longer period of time, which accounts for the lower monthly payment.

Before you apply for a mortgage, you should find out your .

Chances are if you are having trouble with credit, then you have a less than perfect credit score.

Remember that your credit score will affect the interest rate and terms you receive on a mortgage.

If your credit score is below 600, the likelihood of you receiving favorable loan terms is low; not impossible, just low.

Keep in mind that when you use a mortgage to consolidate your debt, that the debt is not eliminated. Instead, you are transferring your debt from one form to another.

The best way to determine what it will cost you to consolidate your debts using a mortgage or pay them straight out is to use a mortgage calculator as well as a debt repayment calculator. Logic can be flawed, but numbers never lie.

Bankrate.com has calculators that will assist you in both of these calculations. Use the calculator to test out different loan amounts and mortgage rates to get a good picture of how much consolidating will cost you. Download a free ebook that shows you how to get the best mortgage: http://www.freelandproperty.com ]]> Should You Refinance Home Mortgage Interest Rates? http://www.artwoo.com/article/should-you-refinance-home-mortgage-interest-rates http://www.artwoo.com/article/should-you-refinance-home-mortgage-interest-rates#comments Wed, 05 Sep 2007 17:15:00 +0000 mortgage interest ratesrefinance home mortgagehome mortgage interesthome mortgage interest ratesmortgage interest ratemortgage termreduce your monthly payment http://www.artwoo.com/article/should-you-refinance-home-mortgage-interest-rates
If you're thinking to refinance your mortgage, consider first if refinancing is well worth the time and money that you would have to invest in the process.

The following are some of the reasons homeowners decide to refinance home s.

1. Refinanced rates are typically lower.

Homeowners opt to refinance their homes once interest rates dip. For example, if under your present , you have to pay 8 percent, then a interest rate of 5 percent would certainly be preferable. Note, however, that refinancing does not come free of charge. Carefully negotiate your refinancing terms as closing fees might end up costing you more.

2. Refinancing result in lower monthly payments. Lenders who issue adjustable-rate mortgages, or ARMs, give out low initial rates to lure borrowers. However, these rates dramatically increase after a period of one to five years. Most homeowners who find themselves in this predicament opt to refinance home mortgage interest rates to lower their monthly payments.

3. Refinancing home mortgage interest rates give you a new repayment period. When you refinance, your mortgage clock is rewound. Weigh your options carefully, however. While refinanced home mortgage interest rates will , it will increase the amount of interest which you will be paying over your loan's lifetime.

4. Refinancing home mortgage interest rates reduces debt. You could obtain a cash-out refinance by using the equity you have accumulated. What this means is that if you have a high-interest debt, you could save thousands of dollars because of the repayment. The problem with this, however, is that you are simply substituting one form of debt for another. In the end, you still owe someone something.

5. Refinancing home mortgage interest rates yield greater return on investment. Refinancing your home mortgage interest rates could allow you to make other investments. How? Think of it this way. All your cash goes to house payment. Consequently, you don't have money to put into a prime investment market. If you refinance home mortgage interest rates, you could use the extra funds to set up an investment portfolio. Subsequently, not only would you be able to keep your house, you would have a long-term source of income as well.

Undoubtedly, there are merits to refinanced home mortgage interest rates. Refinancing can be quite costly, however, so you should consider all options and weigh the pros and cons carefully before deciding to go that route.

In the end, the question of whether to refinance or not is one you and you alone could answer. Want to refinance your home mortgage interest rates ( http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html )? Visit our site now and read up more on bad credit loan mortgage rate ( http://www.whataboutloans.com/mortgage/mortgage-loans.html ) and mortgage lender rates ( http://www.whataboutloans.com/mortgage/mortgage-lender.html ) prevailing in the market today. ]]> Using a Mortgage Repayment Calculator Online http://www.artwoo.com/article/using-a-mortgage-repayment-calculator-online http://www.artwoo.com/article/using-a-mortgage-repayment-calculator-online#comments Thu, 11 Sep 2008 03:22:23 +0000 mortgage repayment calculatorsmortgage repayment calculatorkey mortgageinternet search enginemortgage worksinterest only mortgagesmortgage balance http://www.artwoo.com/article/using-a-mortgage-repayment-calculator-online mortgage works is the key to getting it at the best available price. You know that what you will be paying will depend on the size of the mortgage, the number of years over which it is going to be repaid, and the interest rate applied. But how do all these factors interrelate and, if one changes, what happens to the other figures?

It is finding the answers to these fairly fundamental questions that makes a such an indispensable tool. Finding such a calculator is very simple -- just key "mortgage repayment calculator" into your and you will be presented with a wide range of websites hosting an easy-to-use calculator. An especially neat and straight forward calculator appears on the money pages of the Guardian newspaper. Not only does this particular version distinguish between repayment and interest-only mortgages, but also lists the remaining you still owe after a given number of years, together with the amount of interest you will have paid by each year.

Using is simplicity itself. There will be one box in which you fill in the size of the mortgage you want to borrow. A second box will invite you to indicate the number of years over which the mortgage is to be repaid and a third box will ask for the applicable interest rate.

The resulting calculation will show you what the monthly repayments will be, the total sum of interest that you will need to pay over the term of the mortgage and (with most calculators) the balance outstanding on the mortgage over successive years.

The calculators are completely free to use, so can be experimented with as often as you like and until you are entirely comfortable with what information needs to be input and just what the results have to tell you.

There is something of a thrill in seeing the figures emerge so easily and quickly from the mortgage repayment calculator, since the sums involved are really quite complicated. With repayment mortgages, for example, they need to take into account that you will be paying interest on a diminishing outstanding mortgage balance, yet also that the interest payable needs to be "compounded" (outstanding interest due needs to be added back to the diminishing balance of the principal, because you will in effect be paying interest on the interest). Payments on interest-only mortgages, of course, are a lot easier to calculate -- involving the multiplication of the amount borrowed, by the number of years, by the interest paid.

The mortgage repayment calculator really comes into its own, of course, when you have some serious decisions to make about your mortgage. If it is your first, then you will want to know down to the last penny just how much the monthly repayments will be for the interest rate you are quoted. You may also probably want to compare the shorter- and longer-term costs of a repayment mortgage against an interest only mortgage. The calculator will help you compare the offers available from competing mortgage lenders. If you already have a mortgage, you might be interested in the effects of any rise or reduction in interest rate. Would a remortgage be a sensible offer? Again, the mortgage repayment calculator will be an indispensable tool in helping you decide.Confused.com is one of the UK's biggest and most popular price comparison services. Confused.com helps consumers save money on everything from mortgages to current accounts.]]>