Mortgage Calculator from – Calculate Payments with Ease #calculate #mortgage #payment #with #taxes


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Mortgage Calculator

About our Mortgage Rate Tables

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our “Advertisers”). Other lenders’ terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a “Next” button that can be used to click-through to the Advertiser’s own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertiser’s phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $417,000 May Have Different Loan Terms: If you are seeking a loan for more than $417,000, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.

Mortgage Calculator Help

Using an online mortgage calculator can help you quickly and accurately predict your monthly mortgage payment with just a few pieces of information. It can also show you the total amount of interest you’ll pay over the life of your mortgage. To use this calculator, you’ll need the following information:

The dollar amount you expect to pay for a home.

The down payment is money you give to the home’s seller. At least 20% down typically lets you avoid mortgage insurance.

If you’re getting a mortgage to buy a new home, you can find this number by subtracting your down payment from the home’s price. If you’re refinancing, this number will be the outstanding balance on your mortgage.

Mortgage Term (Years)

This is the length of the mortgage you’re considering. For example, if you’re buying new, you may choose a mortgage loan that lasts 30 years. On the other hand, a homeowner who is refinancing may opt of a loan that lasts 15 years.

Estimate the interest rate on a new mortgage by checking Bankrate’s mortgage rate tables for your area. Once you have a projected rate (your real-life rate may be different depending on your overall credit picture) you can plug it into the calculator.

Mortgage Start Date

Select the month, day and year when your mortgage payments will start.

Mortgage Calculator: Alternative Use

Most people use a mortgage calculator to estimate the payment on a new mortgage, but it can be used for other purposes, too. Here are some other uses:

1. Planning to pay off your mortgage early.

Use the “Extra payments” functionality of Bankrate’s mortgage calculator to find out how you can shorten your term and net big savings by paying extra money toward your loan’s principal each month, every year or even just one time.

To calculate the savings, click “Show Amortization Schedule” and enter a hypothetical amount into one of the payment categories (monthly, yearly or one-time) and then click “Apply Extra Payments” to see how much interest you’ll end up paying and your new payoff date.

2. Decide if an ARM is worth the risk.

The lower initial interest rate of an adjustable-rate mortgage, or ARM, can be tempting. But while an ARM may be appropriate for some borrowers, others may find that the lower initial interest rate won’t cut their monthly payments as much as they think.

To get an idea of how much you’ll really save initially, try entering the ARM interest rate into the mortgage calculator, leaving the term as 30 years. Then, compare those payments to the payments you get when you enter the rate for a conventional 30-year fixed mortgage. Doing so may confirm your initial hopes about the benefits of an ARM — or give you a reality check about whether the potential plusses of an ARM really outweigh the risks.

3. Find out when to get rid of private mortgage insurance.

You can use the mortgage calculator to determine when you’ll have 20 percent equity in your home. This percentage is the magic number for requesting that a lender wave private mortgage insurance requirement.

Simply enter in the original amount of your mortgage and the date you closed, and click “Show Amortization Schedule.” Then, multiply your original mortgage amount by 0.8 and match the result to the closest number on the far-right column of the amortization table to find out when you’ll reach 20 percent equity.


mortgage marvel


#Ease and risks with online mortgage shopping

Some websites request Social Security number to obtain mortgage rate

Illinois mortgage rates (Purestock illustration)

With mortgage rates at historic low levels, now may be a good time to buy or refinance a house, and the Internet has made it easier than ever to shop for a mortgage.

But shopping online can sometimes mean providing your Social Security number to a website in order to get a mortgage rate a process that disturbs some consumers and industry experts.

“There are probably eight to 10 criteria that are required to accurately price a mortgage, and a Social Security number is not one of them,” said Rick Allen, chief financial officer at Mortgage Marvel, a Milwaukee-based company that provides online quotes for mortgage rates and closing fees.

Not all mortgage websites ask applicants for Social Security numbers and other detailed personal and financial information.

Mortgage Marvel recently conducted a side-by-side comparison of the four leading mortgage lender websites Bankrate, Zillow, Mortgage Marvel and Lending Tree and found that Lending Tree is the only one that asked applicants to provide a Social Security number to receive a mortgage rate.

Customized quotes

Megan Greuling, communications manager for Lending Tree, based in Charlotte, N.C. said the company also has mortgage rate forms that do not require Social Security numbers, but she said when customers do provide the numbers it allows lenders to give them customized actual mortgage quotes.

“If you look at rate tables online for different sites, those rates do not reflect the consumer’s borrowing profile,” she said. “Providing a Social Security number on the form helps to avoid the whole bait-and-switch maneuver where borrowers expect one rate and end up with another one that is much higher.”

Greuling said Lending Tree understands some people are hesitant to provide a Social Security number to obtain a mortgage rate, but she said the website is on a completely secure platform. Lending Tree collects data that people provide on its website and sells the information to its network of 300 mortgage lenders who compete for the customer’s business.

“We don’t sell the information for any other reason than to allow the lenders to create a customized quote,” Greuling said.

Stricter mortgage guidelines that were put in place due to the housing crash do not appear to have discouraged the majority of people from pursuing the American dream of homeownership.

Mortgage applications are up 53.4 percent from a year ago, according to the Mortgage Bankers Association in Washington, D.C. Mortgage Marvel reports online mortgage applications on its site from January to June are up 80.18 percent compared with the same period last year.

With 30-year fixed mortgage rates at historic lows, home loans are still among the cheapest forms of debt.

Although online mortgage shopping can often be more convenient, brick and mortar mortgage brokers still play an important role in the home lending business.

“The quote we give will be 100 percent accurate,” said Art Basmajian, owner of Barron Mortgage in Blawnox, Pa. “An online service a lot of times will not ask the right questions. If a broker doesn’t ask the right questions, the rate they quote could be totally off.”

According to the comparison study, Zillow is the only mortgage shopping site that provides lender ratings, while only Zillow and Bank Rate allow consumers to compare multiple mortgage products in a single search. Mortgage Marvel and Zillow offer an email alert service to loan applicants. All four websites offer immediate real-time quotes.

Allen said mortgage shoppers will need to know their credit score prior to filling out Mortgage Marvel’s online application for a mortgage rate quote, but that information does not compromise the person’s identity because without the borrower’s date of birth or home address, a cyberthief would still not have enough information to find the borrower.

“With a transaction the magnitude of a mortgage, you definitely want to shop,” Allen said. “You really want to compare interest rates, points and fees.”


mortgage insurance rates


#Obama, in Bid to Ease Home Buying, Cuts Mortgage Insurance Rate – The New York Times

Obama Announces Housing Plan in Arizona

The president visited Arizona to herald gains in the recovering housing market and announced a housing initiative to lower annual mortgage insurance premiums.

PHOENIX — President Obama announced on Thursday new measures to try to assist a still-sluggish housing market, even as he hailed an economic recovery that he said was finally roaring ahead.

Speaking in Arizona, a state that was hit hard by the country’s mortgage crisis, Mr. Obama said his decision to lower insurance rates on federally issued mortgages would make purchasing a home cheaper for hundreds of thousands of people across the country.

“Hundreds of thousands of new buyers is going to mean a healthier housing market for everyone,” Mr. Obama told a small crowd of supporters in the Central High School gymnasium. “We do want to make sure that the housing market is strong and that responsible homeowners can get a good deal.”

The president said the changes would help improve an economy that was already on the rebound. He said the country had added jobs, lowered the cost of gas and insured more people since he came into office.

Related Coverage

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Obama Plans 3-Day Tour to Preview State of the Union JAN. 3, 2015

Obama Addresses Afghan War s End on Christmas Visit DEC. 25, 2014

“Let there be no doubt. Thanks to the steps we took to rescue our economy, to rebuild it on a new foundation, America is coming back,” Mr. Obama added. “America’s resurgence is real.”

Photo

President Obama during a visit to a model home in a single-family housing development in Phoenix. Mr. Obama on Thursday announced that there would be lower insurance rates on federally issued mortgages. Credit Doug Mills/The New York Times

The president is hoping that the modest move on housing — it could produce savings of about $900 for each home buyer — will help address tighter lending that has made home loans harder to come by for many people, one of the lingering effects of the economic collapse in 2008.

Mr. Obama is also using the housing action to underscore what the White House says is a continuing effort to address financial concerns of the middle class. Officials said the housing announcement was the first in a series of “S.O.T.U. spoilers” that the president will reveal in a series of speeches leading up to the State of the Union address in front of Congress.

On Wednesday, the president was in Detroit talking about the recovery of the auto industry and the broader manufacturing sector. In a speech in Knoxville, Tenn. on Friday, Mr. Obama is expected to announce measures intended to make college more affordable.

The speech in Phoenix is a return to a state that was devastated by the nation’s mortgage and foreclosure crisis. In February 2009, barely a month into his presidency, Mr. Obama traveled to Mesa, Ariz. near Phoenix, to announce a plan to confront what he called “a crisis that strikes at the heart of the middle class.”

At the time, homes across Phoenix were dropping into foreclosure as the housing bubble burst nationally. In his 2009 remarks, Mr. Obama noted that “home values have fallen so sharply that even if you make a large down payment, the current value of your mortgage may still be higher than the current value of your house.”

He added, “So no bank will return your calls, and no sale will return your investment.”

Six years later, the president’s message was more upbeat. He said that the nation’s economic recovery had helped lift property values and that financial regulations put in place by his administration had helped bring stability to the banking system.

But he acknowledged that the housing market continued to be tough, especially for first-time home buyers. Finding a bank willing to offer a mortgage can be tricky he said, denying the American dream to many in the middle class. He said his new measures would help.

“It means fewer foreclosure signs, it means more construction, which means more jobs,” Mr. Obama said. “This is the kind of boost we need to keep the momentum we’ve seen, to keep it going.”

In Washington, Speaker John A. Boehner said the president was bragging about an “economy that we all know could be doing better.” And he criticized the president for not visiting the Veterans Affairs hospital in Phoenix that was at the heart of a scandal involving delayed care.

“The system is still broken, and needs to be fundamentally transformed in a way that puts the needs of veterans before the needs of the bureaucracy,” Mr. Boehner said. “We call on the president to offer a long-term vision for reforming the systemic problems at the V.A. We’ve yet to see it.”


bankrate mortgage


#Bankrate: Mortgage Rates Ease Amid Market Tensions.

Bankrate: Mortgage Rates Ease Amid Market Tensions

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact [email protected] .

SOURCE Bankrate, Inc.

NEW YORK. July 9, 2015 /PRNewswire/ — Mortgage rates pulled back, with the benchmark 30-year fixed mortgage rate sliding to 4.14 percent, according to Bankrate.com s weekly national survey. The 30-year fixed mortgage has an average of 0.25 discount and origination points.

The average 15-year fixed mortgage dropped to 3.28 percent, while the larger jumbo 30-year fixed mortgage sank to 4.07 percent. For the second week in a row, and just the third time on record, the average rate for the jumbo 30-year fixed rate mortgage is below that of the conforming 30-year fixed mortgage. Adjustable rate mortgages were down, with the 5-year ARM settling at 3.16 percent, the lowest since late April, and the 7-year ARM descending to 3.42 percent.

In contrast to the past couple weeks when positive economic news pushed mortgage rates higher, this week the Greek debt crisis held sway. Greece s default on payment to the International Monetary Fund, and subsequent voter rejection of further austerity measures, produced a flight to quality that benefits American mortgage borrowers. The demand for the safety of U.S. government debt pushes bond prices higher, and bond yields lower. Mortgage rates are closely related to yields on long-term Treasury notes.

In mid-April, mortgage rates were at the lowest point in nearly two years when the average 30-year fixed mortgage rate was 3.79 percent. At that time, a $200,000 loan would have carried a monthly payment of $930.78. With the average rate now at 4.14 percent, the monthly payment for the same size loan would be $971.04. a difference of $40 per month for anyone that waited just a bit too long.

SURVEY RESULTS

30-year fixed: 4.14% — down from 4.19% last week (avg. points: 0.25)

15-year fixed: 3.28% — down from 3.34% last week (avg. points: 0.18)

5/1 ARM: 3.16% — down from 3.25% last week (avg. points: 0.19)

Bankrate s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

The survey is complemented by Bankrate s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. Half of the panelists predict mortgage rates will continue falling over the coming week while 42 percent expect mortgage rates to remain more or less unchanged. Just 8 percent of respondents forecast a rebound in mortgage rates in the coming week.

About Bankrate, Inc.

Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, CreditCards.com, InsuranceQuotes.com and Caring.com, our flagship websites, and other owned and operated personal finance websites, including Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, CarInsuranceQuotes.com, Insweb.com, CreditCards.ca, and NetQuote.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to over 100 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo. AOL, CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times. The Los Angeles Times. and The Boston Globe.

For more information contact:

Kayleen Yates

Senior Director, Corporate Communications


mortgage marvel


#Ease and risks with online mortgage shopping

Some websites request Social Security number to obtain mortgage rate

Illinois mortgage rates (Purestock illustration)

With mortgage rates at historic low levels, now may be a good time to buy or refinance a house, and the Internet has made it easier than ever to shop for a mortgage.

But shopping online can sometimes mean providing your Social Security number to a website in order to get a mortgage rate a process that disturbs some consumers and industry experts.

“There are probably eight to 10 criteria that are required to accurately price a mortgage, and a Social Security number is not one of them,” said Rick Allen, chief financial officer at Mortgage Marvel, a Milwaukee-based company that provides online quotes for mortgage rates and closing fees.

Not all mortgage websites ask applicants for Social Security numbers and other detailed personal and financial information.

Mortgage Marvel recently conducted a side-by-side comparison of the four leading mortgage lender websites Bankrate, Zillow, Mortgage Marvel and Lending Tree and found that Lending Tree is the only one that asked applicants to provide a Social Security number to receive a mortgage rate.

Customized quotes

Megan Greuling, communications manager for Lending Tree, based in Charlotte, N.C. said the company also has mortgage rate forms that do not require Social Security numbers, but she said when customers do provide the numbers it allows lenders to give them customized actual mortgage quotes.

“If you look at rate tables online for different sites, those rates do not reflect the consumer’s borrowing profile,” she said. “Providing a Social Security number on the form helps to avoid the whole bait-and-switch maneuver where borrowers expect one rate and end up with another one that is much higher.”

Greuling said Lending Tree understands some people are hesitant to provide a Social Security number to obtain a mortgage rate, but she said the website is on a completely secure platform. Lending Tree collects data that people provide on its website and sells the information to its network of 300 mortgage lenders who compete for the customer’s business.

“We don’t sell the information for any other reason than to allow the lenders to create a customized quote,” Greuling said.

Stricter mortgage guidelines that were put in place due to the housing crash do not appear to have discouraged the majority of people from pursuing the American dream of homeownership.

Mortgage applications are up 53.4 percent from a year ago, according to the Mortgage Bankers Association in Washington, D.C. Mortgage Marvel reports online mortgage applications on its site from January to June are up 80.18 percent compared with the same period last year.

With 30-year fixed mortgage rates at historic lows, home loans are still among the cheapest forms of debt.

Although online mortgage shopping can often be more convenient, brick and mortar mortgage brokers still play an important role in the home lending business.

“The quote we give will be 100 percent accurate,” said Art Basmajian, owner of Barron Mortgage in Blawnox, Pa. “An online service a lot of times will not ask the right questions. If a broker doesn’t ask the right questions, the rate they quote could be totally off.”

According to the comparison study, Zillow is the only mortgage shopping site that provides lender ratings, while only Zillow and Bank Rate allow consumers to compare multiple mortgage products in a single search. Mortgage Marvel and Zillow offer an email alert service to loan applicants. All four websites offer immediate real-time quotes.

Allen said mortgage shoppers will need to know their credit score prior to filling out Mortgage Marvel’s online application for a mortgage rate quote, but that information does not compromise the person’s identity because without the borrower’s date of birth or home address, a cyberthief would still not have enough information to find the borrower.

“With a transaction the magnitude of a mortgage, you definitely want to shop,” Allen said. “You really want to compare interest rates, points and fees.”