Working as a Mississauga mortgage broker requires a lot of useful tools to help clients find the best mortgage packages for their needs. One of those tools is a mortgage calculator. You can find a few different types of mortgage calculators that will look at different things for you, such as mortgage options and what you can realistically afford. I always recommend using these great tools to my clients as a way to help keep track of things too.
Types of Mortgage Calculators
There are a few mortgage calculator tools that you can access online, or even on our website, and knowing the difference between them will make it easier to choose which are best for you.
Mortgage Affordability
This tool is the first one you should use because it will help calculate what you can realistically and reasonably afford for monthly mortgage payments. It will also give you an idea of the mortgage amount you are likely to be approved for that is based on your current expenses and income. This means you won’t be wasting time looking at homes in the wrong price ranges.
Mortgage Payment
This calculator helps in determining what your mortgage repayments will look like. The tool has several options to use, such as making pre-payments, payment frequency, and term times that will let you compare what you could save in interest over the life of your mortgage.
Home Equity
The home equity tool is useful when you want to see how much of the equity in your home is available to you. Many homeowners will use this when they want to do renovations on the home or consolidate their debt.
Mortgage Selector
You can find this tool on most webpages of financial institutions. It works by taking into account your current financial situation to find some mortgage packages that would suit your needs. One thing to keep in mind is that the mortgage packages you are shown are those offered by the lender’s webpage you are looking at. You may be shown the best deals out of their products, but not the best ones available to you elsewhere.
This is where our Mississauga mortgage broker team comes in. We have access to a vast number of lenders and options that will help find the best deal for you.
Rent vs. Own
Not sure whether buying or renting is the right option for you? This handy calculator will help you compare your monthly rental costs to a monthly mortgage payment to see which is the better choice for you. It also shows you how much equity you can build up in relation to other investments.
All of these tools are helpful at different times in the mortgage process. When you start off, you will use the affordability calculator to get a good idea of what things will look like financially before you take that step. A mortgage type calculator is another important tool at this time because it lets you look at your different options and monthly payments for longer or shorter-term mortgages. All of these are there to help you plan ahead but bear in mind that those figures can change once the actual mortgage process gets going. These tools take a quick snapshot of your basic information. The loan process itself will be more thorough, looking at your credit history and finances.
If you’d like some advice on the tools that will be helpful to you, give one of our Mississauga mortgage brokers a call today to get you on your way!