| There are all kinds of mortgage calculators over the | | | | a bank officer can advise you on the actual loan |
| internet. Regardless of their various names and | | | | tenure allowed for you. They can also provide |
| brands, most of them help you to calculate your | | | | additional advice on how different loan tenures can |
| month installments based on several factors. Do take | | | | affect your financial profile. |
| note that when working with mortgage calculators, | | | | Interest rates |
| they can only give indicative numbers and definitely | | | | This is very simple. Call up a bank and ask for their |
| cannot compare with your mortgage advisors. | | | | interest rate then key this piece of information into |
| You will normally be required to key in the following | | | | the calculator. Alternatively you can work with a |
| information: | | | | mortgage broker, and he or she will quote you the |
| Home loan amount | | | | best rate from all the banks in your district or |
| The most basic and essential question that the | | | | country. Remember, interest rates are largely divided |
| mortgage calculator will require from you. Fancy that | | | | into fixed and floating. Mortgage calculators on the |
| new property? Type in its value and try to work out | | | | web are mostly for fixed rate mortgages. Your |
| the installment. However, the mortgage calculator will | | | | mortgage advisor can actually assess your financial |
| not be able to advise you on what is the safe range | | | | and psychological profile and determine if a fixed, |
| of deals that you are able to undertake. A mortgage | | | | floating, interest only or hybrid is suitable for you. |
| calculator merely gives you the result based on your | | | | A mortgage calculator is a piece of equipment that |
| own assumptions. A mortgage advisor can actually | | | | has no experience by itself. It can give you indicative |
| guide you to work out on a safe range of housing | | | | results or results that you very much would like to |
| loan to undertake based on your personal financial | | | | see. A mortgage advisor, on the other hand, deals |
| profile. | | | | with many customers on a per day basis and has |
| Loan tenure | | | | accumulated vast experiences in dealing with |
| Loan tenure refers to how long you would want to | | | | mortgages. He or she can quickly determine your |
| pay for your home loan. It can range from 5 years | | | | financial needs and assist you in your unique situation. |
| to 35 years. Again, this depends on the profile of the | | | | The only way a mortgage calculator can beat a |
| financial consumers. Different banks have different | | | | mortgage advisor is when that particular calculator |
| method for calculating the loan tenure for each | | | | has been enhanced with biological artificial intelligence |
| applicant. Blindly keying the loan tenure into the | | | | and has been driven through countless of mortgage |
| mortgage calculator can lead you to falsely assume | | | | application situation. Perhaps that will happen in the |
| that the bank will allow you that loan tenure. Your | | | | future, but for now, its better to seek out a |
| mortgage advisor who can be a mortgage broker or | | | | mortgage advisor instead. |