What is mortgage calculator and how to make the most of mortgage calculator

The mortgage calculator toll is more relevant to banker than the public. Unlike the amortization schedule calculator, the mortgage calculator has the same function, but it has got more use in day to day banking. The mortgage calculator has been proven as a handy tool for all bankers who deal with loans and advances. With the aid of the tool a banker can able to calculate the values relating to mortgages, such as interest rates, amortizations and monthly payments for any mortgage loan.

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In fact the eligibility of a customer for a mortgage loan can also be ascertained from the mortgage calculator. Once a person gets the eligibility for a mortgage loan, the calculator will let the banker about the total payment which includes the principal, interest, taxes and insurance for the loan. Also the type of the repayment can be ascertained form the calculator.

mortgage calculator

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Other aspects of the mortgage calculator:
Apart from the general features the recent mortgage calculator have came with various advanced features like rent-versus-buy features and the option to run the installment which will be better for the borrower. The amortization schedule is pretty common aspects for any mortgage loan and with the aid of the mortgage calculator the amortization schedule for the loan can also be ascertained. While keeping any mortgage foe the loan, it is very important for banker to know the future value of the mortgaged property. And the estimation of the future value of the mortgaged property is always a tedious job. However, the mortgage calculator does the same job in no time.

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Components of a mortgage calculator: As far as the outlook of the mortgage calculator is concerned, it has a resemblance with the normal calculator comprising the numeric from 0 to 9. However here in the mortgage calculator the numeric value represents the functions. Additions, subtraction, multiplication, division, percentage, clear (CE) and equals are the functions which are represented by the numeric present on the mortgage calculator. Special keys like total payment (TP), solve, recall and principal value (PV) are also available on the calculator in order to calculate the amortization schedule.

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How to make the most of mortgage calculator: If you are a first time borrower for a mortgage loan, certainly this calculator will come to your rescue. This calculator will enable you to know the projected monthly payments and different interest rates for the mortgage loan. Manual calculation of the factors is always tedious; however the mortgage calculator will give you the fool proof value. Once you get an idea about the total interest and the total amount you have to re-pay for the mortgage loan, you can plan for the loan according to your income. Availability and the use of the mortgage calculator has never been a big issue. The mortgage calculator is easily available over the internet and it is quite simple to operate to get your desired result. After using the tool you will bet, that you have opted for the right tool for the mortgage loan.

mortgage calculator

A quick gateway to the Mortgages terminologies

The term mortgage is a pretty common term in case of loan. People those working with the loans are well versed with the term mortgage and the other allied term. However for common people the term mortgage does not carry any significance as they are not pretty aware about the term. To have your understanding we are presenting the common term associated with mortgage. Have a look.

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Fees for administration: This term is somewhat similar to the processing fees. As you need to pay the processing fees in case of loan, similarly for the mortgage process you have to pay certain money to the lender for the process of administration. This administration fees will be utilized for the purpose of the valuation of the house or any immovable property. You have to keep in mind that whatever administration fees you are going to pay will not be refunded in the future.

Annual percentage fees and rate: it is the sum amount of fees which you have taken forms the lender. Similarly the annual percentage rate is the rate of interest with which you have taken money from the lender. When it comes to the total repayment amount the total annual percentage fees and the total annual percentage rate will be taken into consideration for the mortgage value.

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Auction: Once the loan will be classified as NPA the lender will take all the possible step to list the loan under the SERFASAI. Once the SERFASAI notice is issued to the property the next step is to imitate the action of the auction. In fact the auction is a very long process, where the lender has to follow all the necessary and relevant guidelines according to the law. During the process of auction the property will be handed over to the person who has called for the higher bid.

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Authority to inspect the register: Once the process of auction will be inspected the appellate tribunal will form a committee to inspect the day to day affair of the auction work. A person with a higher official rank will be appointed by the tribunal o oversees the work related to the auction and the post auction settlement. The parson appointed by the appellate tribunal have the authority to inspect any register and the person associated with the auction process have to maintain the register with every aspect. The person appointed by the tribunal has the every right to ask for any sort of information related to the process of auction and the mortgage value.

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Valuating the property: In order to evaluate the mortgage property a person is engaged to evaluate the property. In general practice an independent Peron is engaged for this job so that a fair report of the property can be expected. As far as appointments of such person are concerned it has to be done under the proper guidance and purview of the competent authority. It has to be keeping in mind that the value of the mortgaged property will not be taken for legal purpose.