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Hi – Tech ? ? Mortgage Calculator

December 11, 2010 Leave a comment Go to comments

No Batteries required

Find the rate – then find the MONTHLY factor under the number of years (i.e. 15, 20, 25, or 30 years).

Example: a 6% loan for 30 years has a factor of $6.00 per $1,000, thus the MONTHLY amortized principal and interest for a $100,000 loan is $600 per month. ($6 times 100).

Add the MONTHLY property taxes (annual rate is approx 2.55 % per YEAR times the value of the investment property, approx 2.2% for a residential homestead you live in on Jan 1st). Then add MONTHLY rate for home hazard insurance

The next best method is to call your loan broker. Get pre-approved. If you find a really good deal, you will not be the only person making an offer. If you are pre-approved, then the seller may take your offer, even if the other person’s offer is higher $ than your offer. Get ready to pull the trigger in case we find a good deal. Your real estate agent pays more attention to buyers who pass the financial smell test.

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