One of the first steps when considering purchasing a home is getting a firm understanding about what you can afford and what is involved in getting a mortgage. Mortgage calculators provide you with an understanding of the costs and affordability of owning property so that you can get a pretty good idea about what you can afford and what level of payments you can expect.
While there are a lot of mortgage calculators out there, the best ones allow you to plug in most of the variables. They factor in more than just the cost of the property and your mortgage rate. Be prepared to provide information about your income, your monthly expenses, and property taxes, just to list a few examples. When you are working with a mortgage broker, you’ll be advised about numbers specific to your situation, as well as learn what you’ll need when it comes time to verify the information on your mortgage application. You should also take into consideration added costs, such as land transfer taxes and other closing costs.
At the BRM Lending Team, we offer three different types of mortgage calculators to assist you with determining the financial implications of purchasing a home, renewing a mortgage, or refinancing to consolidate debt or renovate your home. Our Purchasing Calculators, Renewing Calculators, and Refinancing & Home Equity Calculators can prove quite useful for leading you in the right direction. Contact us today if you have additional questions about mortgages, business loans, or personal borrowing solutions. We look forward to helping you finance the home of your dreams.