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You already know you can save money by shopping around for the best mortgage rates. Now you just have to make sense of all the numbers you found. Put those figures into an online calculator to organize your information. You can find calculator programs at Web sites especially designed to help you compare loans.
LendingTree.com is a great place to start. You can submit an application and get rates from four competing lenders. Then compare the rates by plugging them into one of its financial calculators. For example, one will tell you if a 15-year loan or a 30-year loan would save you more money based on the mortgage amount and interest rates.
Interest.com has calculators that tell you what your monthly payments will be from the interest rate, the term, and the loan amount. You can also find out how much you can afford to borrow, how much you’d save by making additional mortgage payments, and how much you can deduct on your taxes.
FindLowerMortgageRates.com also has useful programs like a calculator that tells you how much money you should put down on your new home.
Other good Web sites to try are:
* www.compareinterestrates.com
* www.bankrate.com
* www.loanweb.com
All the best,
Timben
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