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Common Types of Mortgage Calculators in Vaughan

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Mortgage Calculators in Vaughan

A mortgage calculator is an important self-help tool that allows prospective homebuyers to perform independent research and gain an understanding about important mortgage concepts.  There are different mortgage calculators available that will provide different types of valuable mortgage information.
Mortgage calculators should not be used as an investment tool; the information that these tools provide should only be used as a reference point for hypothetical situations.  In order to acquire the most accurate information concerning your unique financial situation, it is advisable to speak to a trusted mortgage and credit specialist.
The information that is provided by a mortgage calculator is valuable by providing a rough illustration of important mortgage concepts.  Here is a look at some of the more popular mortgage calculators available and what they are commonly used for.

The Mortgage Qualifier Calculator

With house prices increasing in Vaughan and the rest of the Greater Toronto Area (GTA), homeowners are often left wondering just how much they can afford to buy a home.  Perhaps there is a house that you are interested in and it costs $400,000. Do you know how much income you would need to be able to afford the payments on this house?
A mortgage qualifier calculator will allow prospective homebuyers to quickly discover how much they can afford. In most cases, users can simply enter the income amount and the calculator will provide the maximum purchase price of a house that can be afforded along with the estimation of the mortgage payments.  Alternatively, the purchase price of the home can be entered and the calculator will display the minimum income amount necessary to purchase a home for that price.  The calculator may also calculate the purchase price of the home and the income necessary based on a specific mortgage payment amount entered by the user.
The interest rate and amortization period can be modified by the user to provide better accuracy for the calculations. Some calculators provide options for other variables such as heating costs and property taxes which can be used as a rough budgeting tool for prospective homebuyers as well.

The Mortgage Calculator

This type of mortgage calculator can be used to illustrate the amortization schedule for a mortgage.  This calculator is useful for seeing how the amortization period, the interest rate and the payment schedule all affect the mortgage payments as well as the amount of interest that is being paid over the course of the mortgage.
Are you wondering if you should shop around to different lenders for a better interest rate?  This calculator will quickly illustrate the savings in payments and total interest that are possible when the interest rate is lowered.  The effects of a shorter or longer amortization period as well as the payment frequency can also be quickly displayed.
Mortgage calculators in Vaughan provide valuable information for people who are interested in doing their own preliminary financial research.  When the time comes to take the next step and there is a need for more accurate information based on your own unique financial situation, speak to a trusted mortgage expert who is a member of the Canadian Association of Accredited Mortgage Professionals (CAAMP).  Find the right mortgage product that is perfectly suited for your needs and get the most competitive mortgage rates for your home in Vaughan.  


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