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Educating Yourself with Mortgage Calculators in Pickering

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What is a Mortgage Calculator?

 
Do you have a need for a mortgage calculator in Pickering?  A mortgage calculator can be a very valuable tool in the preliminary stages of understanding mortgage amounts and corresponding payments.  While most traditional mortgage calculators will leave out many of the details of an actual mortgage, it will provide basic information that is very useful in understanding how much of a mortgage you can afford and an approximate mortgage payment to expect.
 
A basic, traditional mortgage calculator will provide a rough estimation of where you stand financially and what payment amounts to expect for approximate budgeting purposes.  The estimations are basic because other personal characteristics such as your credit score and your debt-to-income ratio play an important part in the amount and interest rate you will qualify for.
 

Visualize Your Mortgage

 
Mortgage calculators are an excellent tool for familiarizing yourself with important mortgage terms and understanding how each factor affects the different elements of the mortgage.  We all know that it is important to secure a low mortgage rate, but most people are very surprised at how as little as half of a percentage point can make in terms of the mortgage payments and total interest paid.  The information provided by the mortgage calculator makes it easy to visualize the thousands of dollars that can be saved by shopping around for the best rate.
 
The calculator also makes it easy to see how the amortization period affects the mortgage payments and the amount of interest paid over the course of the mortgage.  People often gravitate towards longer amortization periods because it will lower payments and make it possible to afford a higher priced house, but seeing how it increases the amount of interest paid can make people think twice.
 
It can also be interesting to see how the payment frequency affects the payment amounts and the interest that is paid. Most people understand that increasing the frequency of payments will lower the overall interest paid, but it can be eye opening to see what effect accelerated payments will have on the bottom line.
 

Different Types of Mortgage Calculators

 
Mortgage calculators are an excellent way to compare mortgages.  With mortgage rates historically low, a mortgage calculator makes it easy to see whether it makes financial sense to take advantage of lower rates to refinance an existing mortgage.  In many cases the lower interest rates can save more than enough money to make it worth paying any fees for refinancing the mortgage.
 
Some of the top lenders in Canada who offer mortgage refinancing provide specific mortgage calculators which will take your existing mortgage information and show you exactly how much you can save by refinancing at a lower rate.  These calculators may even take into account any closing costs and prepayment penalties to provide a more complete picture.
 
A mortgage calculator in Pickering will only give rough estimations of the figures you can expect. A qualified mortgage lender, who is also a member of the Canadian Association of Accredited Mortgage Professionals (CAAMP), will be able to help you further realize your unique mortgage goals with a wide range of mortgage options.  

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