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How many borrowers actually use mortgage calculators?

Posted on: 06th Dec, 2006 12:14 pm
How useful are mortgage calculators to first-time home buyers vs. borrowers looking to refi? Are they a realistic picture of how the loan will look at closing?
Yes, these mortgage calculators do give correct estimate about the various ratios, payment details and other loan related information.

But you should compare the results shown by one by the ones by three or four other calculators also to be sure that the estimate you get is conforming to the other results.

If you search the net you will get a list of many such calculators and it make is easier for you to have an estimate before you approach any lender. And also compare what he is asking to what results you got from these calculators.

Carol Wright
Posted on: 06th Dec, 2006 12:22 pm
I agree with Carol. When I was looking for a mortgage I had used some of them to compare the qualifying mortgage amount for my house. Most of the online calculators I used did give similar results.
Posted on: 06th Dec, 2006 05:19 pm
Hi Jessica,

The calculators are indeed useful for those looking to get a home loan which involves a lot of calculations. After all, if you do not calculate how much you can afford to spend on your home or which option will help you save more, how can you take the right decision?

However, the loan cost may vary from what you get through the calculation, but more or less, you get an approximate value of the money that you may have to spend. This helps you to gather the required sum of money for future purposes.

Again it's the calculator that helps you to determine and compare the costs and payments on various types of loans, so that you understand that you don't overpay the lender and neither does he charge you more than what the calculations come out to be.

Thanks,

Sara
Posted on: 06th Dec, 2006 07:56 pm
Thank you everyone for your help. I do have another question. I am thinking of starting up my own site to promote myself and offer financial calculators. I was thinking it would be a good idea to offer them free to other mortgage companies that only have a few tools and have a link back to my site in the calcs as well. Also, I thought it would be a good idea to approach sites that offer a search for several types of loans with the calculators. I guess my question is; how to I approach both types of websites to offer them the free tools and do you think they would be willing to pick them up? I am trying to figure out how to generate the most traffic to the site and I figure since it sounds like those tools are very helpful that would be a great way to get other sites to help me market! Thanks for the help again!!

Jess
Posted on: 07th Dec, 2006 10:14 am
Hi Jessica,

What I understand from your query is that you need some kind of suggestions related to site and link marketing. But our Community does not provide discussions on such services.

We are basically a Community providing mortgage advice and loan related services to a wide section of people. As such I will not be able to help you in this regard. I think it will be better if you can place your query in a link related forum. And, in case, you have any query on mortgage, we can surely help you as much as possible.

Thanks

Brian Dela Cruz
Marketing Department.
Posted on: 08th Dec, 2006 01:09 am
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