The most popular 40 year mortgage calculator [mortgagerates-tips.blogspot.com]
LeahCoss.ca Hi everyone, it's Leah Cross with the Mortgage Centre. I wanted to talk about amortization. We're at 2011 right now and it wasn't that long ago that you were able to get a 40 year amortization. Then it got cut down to 35 years. From there it's now being cut down to 30 years, but I still get the question all the time, "Can I get higher than a 30 year amortization? I heard a rumour that I can." The quick answer to this is yes, it is possible to get a higher than 30 year amortization for a mortgage, but the other part to that is it is not available at every lender. There is some government law that you need to understand first before you start asking for exceptions like that. Now the first thing to lay out is that the government has set a mandate that if you put less than 20 percent down on the purchase of your property, or if you have less than 20 percent down in your home if you're refinancing, you must hav e a cap of 30 years for an amortization. You cannot go any higher than that. That's simply to safeguard you so that we don't have any kind of economic collapses again, like we just experienced. Because of that 30 years is your maximum. No ifs, ands or butts. You can't pay anyone off. You can't talk to a friend and get a good deal. 30 years is your max because it's a government set law. OK? Now, that said, if you are putting more than 20 percent down, and if you go to one of the very few lenders out there who are still offering this, you can still get 35 years ...
mortgagerates-tips.blogspot.com Can I Get a 35-40 Year Amortization?
The 40 year mortgage calculator is not a new financial tool for mortgages today. It has been around for a while, but is just now becoming popular. This popularity is fueled by the rise in home prices, the lack of viable employment and less equity in resales. With the 40 year mortgage calculator you can purchase a higher priced home for a lower mortgage payment, although you do give up some equity. For some buyers this is the only way they can buy, because they have been priced out of out of the housing market. You should plan to sell or refinance when you choose a 40 year mortgage, because you are losing equity.
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There is more than one mortgage calculator. I have listed a few below;
1) Mortgage calculator- this calculates payments by months as to the difference in mortgage rates reflected by the number of years of mortgage.
2) Maximum mortgage prequalification calculator- calculations to determine the maximum amount of mortgage a buyer can afford.
3) Amortization schedule calculator- this develops the amortization schedule for the years of the mortgage.
4) Monthly payment calculator (PITI)- calculates the monthly mortgage payments including principle, interest, insurance, property taxes and PMI payments.
5) Loan qualifying calculator- calculates the amount you can afford to pay for the purchase your home based on your liabilities and income.
6) Home buying household budget calculator- shows the amount of funds you will have left over after your monthly expenses and mortgage payment.
7) 40 year mortgage calculator- calculates your mortgage payments for 40 years, Principle and Interest.
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There is a mortgage calculator for adjustable rate mortgages and for all years a mortgage can be. The 40 year mortgage calculator does provide a different solution to home purchasing, even with the downside.
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