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Virtual assistants such as Amazon’s Alexa can tell the customers of a select few banks their checking account balances, but could she one day help them secure a mortgage?

It’s a scenario that some banks are already contemplating, as voice-based assistants get used in more and more aspects of the financial services industry and life in general.

“We see a lot of opportunities for conversational interfaces, and we have a stack of ideas we are experimenting with now,” said Patrick Kelly, assistant vice president for emerging technology at USAA in San Antonio, one of the early banks to offer customers the ability to get basic account information from Alexa.

“There are lots of opportunities with mortgages, Kelly said. By their very nature they are a complicated, multistep process for someone to engage in.”

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One thing USAA is thinking about is how voice-based virtual assistants could take steps out of the mortgage application process. For example, a customer could share pertinent financial information an assistant could then input into the proper places in a digital document, Kelly said. Or a customer could ask about certain aspects of a home loan without having to sift through much of the bankspeak, as Kelly put it, found in typical mortgage documents.

“There’s a lot of friction points in the process,” Kelly said. “If we can eliminate steps or make something easier to understand, then you’ve created a better experience.”

As bank customers in general become more comfortable with voice-interactive virtual assistants to conduct a wide range of financial transactions, mortgages will be a natural fit, said Gareth Gaston, head of omnichannel banking at U.S. Bank, which recently began letting letting its customers interact with the bank through Alexa.

“Voice [interactions] will become an increasing part of a consumer’s everyday life,” he said. “It’s not about just adding another channel, but taking a massive step in how customer interactions happen. Mortgage applications are a great example — [a virtual assistant] can record some of that basic information; you can also digitize some more of the back-end work, too.”

Technology will not completely replace human mortgage advisers, Gaston noted, but rather “augment their capability; and it will allow [customers] to self-serve in some areas, or help them make their own decisions in conjunction with an adviser.”

Even before the mortgage process is started, voice-based services could be used to help consumers with information-gathering or financial literacy, said Amory Booher, senior vice president of risk technology and execution at BBVA Compass in Birmingham, Ala.

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“New homebuyers, for instance, are educating themselves on the process as it is happening, so there is a need to inform,” Booher said. “[Artificial intelligence] could provide a customer-specific response to borrowers asking questions like, ‘What is an APR?’ with an explanation of APR and also specific insight into their loan and their APR. Many other products and services start off a conversation with a chatbot and then transition to a person as the conversation gets more complicated or involved. Couple this capability with open architecture and services, and information could be pushed via personal assistants like [Apple’s] Siri.”

If you think of a personal assistant “more broadly than within the context of software that can communicate verbally,” it opens it up to other areas in the mortgage process, Booher added.

“Imagine the scenario where a personal assistant knows the spending behavior or financial stability of a customer,” Booher said. “The virtual assistant could provide the customer with additional insight to guide them toward a better mortgage decision or help them manage their responsibilities during the origination process.”

This more consultative approach is likely how the technology could really improve the mortgage process for customers, said Roberto Hernandez, principal at PwC.

“Right now, the information you can get [from banks’ virtual assistants] is the same you can get from quickly going to the app: ‘What’s my balance’ and things like that,” he said. “But if you can make that into, ‘Alexa, what’s the optimal loan for that house I found online that I’m interested in,’ or ‘Hey, can we start the mortgage application process,’ then you are really leveraging AI and changing the experience.”

Hernandez said it is imperative for banks to get to that point with mortgages — and other more complicated financial products — as customers become more comfortable relying on voice-interactive virtual assistants. Indeed, some institutions are already on this path: The nonbank wholesale lender AFR Wholesale recently announced a partnership with Amazon to integrate its origination portal with Alexa.

Like Gaston, Hernandez said technology like Alexa can be used to complement loan officers.

“Loan officers add a tremendous amount of value, but much of what they do you can leverage technology for,” he said. “So if a customer is just looking for the status of an application, they don’t need to chase down the loan officer, they can just ask [the assistant]. Then later when they want to speak with someone for help through some of the more complicated parts of the product, they can do that.“

In the end, the ways in which banks can integrate voice-interactive services into the mortgage process will not be dictated just by how advanced the technology can evolve, but by regulatory standards as well, said USAA’s Kelly.

“The mortgage process is very document-heavy, but that’s what regulators want; they want to see all this information documented,” he said. How much of that documentation can be transmitted through a device like Alexa “is something the industry will have to sit down and discuss with regulators.


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    A mortgage down payment is a sum of money that is collected to put down towards the purchase of a new home. It is not required in all cases, however, in the case that it is, there is a minimum. How can a down payment affect your mortgage? Well, if you do provide a down payment, it is used to calculate the maximum price of a home you can afford, it is used to calculate the size of your mortgage and the mortgage payments, as well as the amount of CMHC insurance you have to pay. To qualify for a mortgage with no down payment, you need a credit score of at least 680.

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    What Does a Mortgage Payment Consist Of?

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    More fun and exciting mortgage Q A: “What does a mortgage payment consist of?”

    Have you ever been curious what you’re paying each month to live in your shiny new (or possibly dingy old) home or condo?

    A mortgage payment, assuming it s not an interest-only loan, generally consists of four key items:

    • a principal portion
    • an interest portion
    • property taxes
    • homeowners insurance

    Mortgage Payment = PITI

    How to calculate a mortgage payment

    There’s a handy acronym to sum up the mortgage payment breakdown known as PITI. When you say it, it sounds like pity. And I suppose it is a pity that we have to make mortgage payments every month, often for a staggering 30 years or 360 months, but I digress.

    Anyway, mortgage lenders typically want X number of months of PITI for cash reserves if you’re verifying assets when you apply for a mortgage. In short, this tells the underwriter you can actually pay back the loan, at least for a few months

    Lenders will also use the PITI payment to determine your monthly housing expense, which is then used to calculate your DTI ratio. So it s pretty important!

    The principal portion of your mortgage payment is essentially the amount of debt you are borrowing, which eventually transitions into your ownership in the home, also known as home equity.

    The interest portion of your mortgage payment is the cost of borrowing that money for the loan, or the expense the bank or mortgage lender charges for taking on the risk.

    The tax portion of the mortgage payment is paid to the local government based on the assessed property value and tax rate for the area.

    Finally, the insurance portion of the mortgage payment covers homeowners/hazard insurance, which protects the borrower (and lender) from a number of dangers and provides liability coverage.

    For those with a mortgage impound account (typically required for a high LTV loan), taxes and insurance are paid monthly with the mortgage payment.

    If you aren t subject to impounds, you must pay taxes and insurance directly to the tax office/insurer, and the mortgage payment each month will consist of only principal and interest.

    This can be a relief on a monthly basis, but make sure you stash enough cash to pay for taxes and insurance when they are due. I ve had friends who forgot they were on the hook for a big property tax bill, and didn t save accordingly.

    Note: If your loan-to-value exceeds 80 percent on a single loan, you’ll also have to pay mortgage insurance on top of the aforementioned, which is one reason why putting 20% down can be a smart move.

    And the mortgage payment on an interest-only loan consists of just interest, taxes, and insurance, meaning you can only build equity in your home if the property value appreciates.

    If we re talking about a negative amortization loan, such as the once popular option arm, making the minimum payment wouldn t even cover the interest due each month. Of course, you d still have to pay the required taxes and insurance.

    * You may also see the acronym PITIA, which stands for principal, interest, taxes, insurance, and association dues. This may apply if there is an HOA that charges due for your property each month.

    How Are Mortgage Payments Applied?

    In the beginning of the loan term, mortgage payments primarily go toward paying off interest because the loan balance is so high.

    While this may be viewed as a negative, it does mean mortgage interest tax deductions are bigger and more beneficial early on.

    Over the years, as the outstanding balance decreases, more of the monthly mortgage payment will go toward principal each month until you eventually own the home outright. This is how amortization works.

    It also explains why some savvy homeowners choose to make biweekly mortgage payments, thereby increasing the amount of principal paid early on and decreasing the amount of interest paid over the life of the loan.

    Doing so will also shorten your mortgage term, which is beneficial if you want to own your home sooner, but don t want the commitment of larger payments associated with certain loan programs such as the 15-year fixed.

    As a rule of thumb, the longer your loan term, the more you ll pay in interest because the loan is paid off slower. If you re able to accelerate your payoff, you ll pay less interest.

    What Will My Mortgage Payment Be?

    • principal
    • interest
    • real estate taxes
    • HOA dues
    • mortgage insurance
    • flood insurance
    • homeowners insurance

    If you re trying to figure out what you ll be paying your lender each month, consider all the ingredients of a mortgage payment and your mortgage rate.

    As noted, if you ve got an impound account, add up the principal, interest, taxes, and insurance. Those last two bits will be determined by your lender, so ask them to break it down.

    The principal and interest portion is something you should be able to calculate on your own. Simply plug your loan amount and interest rate into a mortgage calculator to figure out the monthly payment.

    If it s interest-only, plug those two items into an IO calculator. Principal will no longer be part of the equation.

    Don t forget the extras. Do you need to pay mortgage insurance premiums each month? For example, there are monthly mortgage insurance premiums on FHA loans that must be paid.

    What about monthly HOA dues? If it s a condo, there probably are, though you might pay them separately to the association and not your lender.

    Either way, it s good to know what your total housing payment will be so you can budget accordingly.

    The payments you see advertised typically only include principal and interest. That makes them look relatively cheap. Once everything else is added, the payment can look a whole lot different.

    In summary, no one enjoys making mortgage payments every month, but knowing where that money is actually going should make you a more informed borrower. And it could even save you some money!


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    Mortgage Payment Calculator Canada

    Our mortgage payment calculator calculates your monthly payment and shows you the corresponding amortization schedule. If you are purchasing a home, our payment calculator allows you to test down payment and amortization scenarios, and compare variable and fixed mortgage rates. We also help you calculate CMHC insurance and land transfer tax.

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    How to estimate mortgage payments

    There are a number of factors that go into estimating how much your regular mortgage payments will be. The most important numbers are the total mortgage amount (the price of the home, less the down payment, plus mortgage insurance if applicable), the amortization period (the number of years the mortgage payments will be spread across), and the mortgage rate (the rate of interest paid on the mortgage).

    To use the calculator, enter the purchase price, and select your amortization period and mortgage rate. Then you can see how your payment will be affected by the size of your down payment and frequency of payments. Our calculator also shows you what the land transfer tax will be, and approximately how much cash you’ll need for closing costs. You can also use the calculator to estimate your total monthly expenses, see what your payments will be if mortgage rates go up, and show what your outstanding balance will be over time. It is a good idea to use the calculator to determine what you can afford before you start looking at real estate listings.

    If you’re renewing or refinancing and know the total amount of the mortgage, use the “Renewal or Refinance” tab to estimate mortgage payments without accounting for a down payment.

    How to lower your mortgage payments

    There are a few ways to lower your monthly mortgage payments. You can reduce the purchase price, make a bigger down payment, extend the amortization period (if your down payment is less than 20%, the maximum is 25 years), or choose a lower mortgage rate. Use the calculator above to try different variables to see what your payment will be with different scenarios.

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    Use our mortgage loan calculator to determine the monthly payments for any fixed-rate loan. Just enter the amount and terms, and our mortgage calculator does the rest. Click on “Show Amortization” Table to see how much interest you’ll pay each month and over the lifetime of the loan. The mortgage loan calculator will also show how extra payments can accelerate your payoff and save thousands in interest charges.

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    Whether you’re buying a new home or refinancing, our mortgage calculator can do the math for you. Simply enter the amount, term and interest rate to get your monthly payment amount. If you’re refinancing, enter the current balance on your mortgage into the loan amount section and input the new term and new rate that you’ll receive. Then click on the amortization table to see how much interest you’ll pay over the life of the loan. Add extra payments to find out how they can put your payoff schedule on the fast-track and save you thousands.

    Keep in mind that this calculator only calculates the mortgage payment. It does not include taxes, insurance or other fees included in the purchase of your home.

    Loan amount: The amount of money you’re borrowing. It’s the cost of your new home minus the down payment if you’re buying or the balance on your existing mortgage if refinancing.

    Interest rate: The exact rate you will receive on your loan, not the APR.

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    Mortgage calculator for your home loan

    This mortgage calculator will show how much your monthly mortgage payment would be, including your amortization schedule. See how much you could save by prepaying some of the principal. Find out your home loan breakdown now by using this simple and free mortgage calculator.

    NOTE: This calculator updates automatically as you move from field to field using the “tab” key. If you’re entering prepayment information, click the “calculate” button to see the final results.

    A mortgage amortization calculator shows how much of your monthly mortgage payment will go toward principal and interest over the life of your loan. The loan calculator also lets you see how much you can save by prepaying some of the principal.

    How to use the loan amortization calculator

    With HSH.com’s home loan calculator, you enter the features of your mortgage: amount of the principal loan balance, the interest rate, the home loan term, and the month and year the loan begins.

    Your initial display will show you the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

    Most of your mortgage loan payment will go toward interest in the early years of the loan, with a growing amount going toward the loan principal as the years go by – until finally almost all of your payment goes toward principal at the end. For instance, in the first year of a 30-year, $250,000 mortgage with a fixed 5% interest rate, $12,416.24 of your payments goes toward interest, and only $3,688.41 goes towards your principal. To see this, click on “Payment chart” and mouse over any year.

    Clicking on “Amortization schedule” reveals a display table of the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year. Clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

    Click “calculate” to get your monthly payment amount and an amortization schedule.

    The effect of prepayments

    Now use the mortgage loan calculator to see how prepaying some of the principal saves money over time. The calculator allows you to enter a monthly, annual, bi-weekly or one-time amount for additional principal prepayment.To do so, click “+ Prepayment options.”

    Let’s say, for example, you want to pay an extra $50 a month. Using the $250,000 example above, enter “50” in the monthly principal prepayment field, then either hit “tab” or scroll down to click “calculate.” Initial results will be displayed under “Payment details,” and you can see further details in either the “Payment chart” or “Amortization schedule” tabs.

    You may also target a certain loan term or monthly payment by using our mortgage prepayment calculator. Of course you’ll want to consult with your financial advisor about whether it’s best to prepay your mortgage or put that money toward something else, such as retirement.

    HSH.com has developed a host of other free mortgage calculators to help answer your other questions, such as, “Can I qualify for a mortgage,” “Will prepaying my mortgage help me save money,” “How large of a down payment do I really need,” “What s the best way to pay for my refinance,” and “When will my home no longer be underwater?” See all of HSH.com’s mortgage calculators.

    This is the dollar amount of the mortgage you are borrowing. (Hitting “tab” after entering information in any field will automatically update the calculations.)

    The loan’s interest rate. Along with the term, this is the key factor used by the mortgage payment calculator to determine what your monthly payment will be. To see where rates are right now, click on the “See today’s average rates” link to the right of the field, where you can also find offers from our advertising partners.

    Mortgage loans come in a range of terms. Fixed rate mortgages are most often found in 30, 20, 15 and 10-year terms; Adjustable Rate Mortgages usually have total terms of 30 years, but the fixed interest rate period is much shorter than that, lasting from 1 to 10 years.

    To get the most accurate calculations, use the month and year in which your very first mortgage payment was due (or will be due). If you don’t yet have a mortgage, the current month and year will work just fine.

    This display shows the monthly mortgage payment, total interest paid, breakout of principal and interest, and your mortgage payoff date.

    This display shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year.

    While this display table also shows you the total principal and interest paid in each year of the mortgage and your remaining principal balance at the end of each calendar year, clicking the “+” sign next to a year reveals a month-by-month breakdown of your costs.

    In this optional section, you can add in a regular monthly prepayment amount, re-set the calculator to show bi-weekly payments and savings, or even do a one-time prepayment to see how it affects the cost of your home loan.

    Calculate a mortgage payment