With interest rates at an all time low, my wife and I decided a few months ago that it was time to move into a home that we owned. We spent hours upon hours looking through zillow.com, realtor.com, and other websites to find out the homes available to us in the area we were looking to live. During the process we visited a number of homes and talked with our realtor about realistic prices that may be accepted by those selling their home.
What made the process great was having the free Mortgage Calculator app on our phones to see how the prices, interest rate and down payment would impact our monthly payments. This particular app provides real time information related to interest rates and worked flawlessly. The app has been fully user tested as more than 1 million individuals have added it to their iOS device.
The Mortgage Calculator app allowed us to compare the different properties and different mortgage scenarios on our phone to help us determine what would work best for our finances, family, and future budget. The features of the phone included:
- Ability to set if PMI payments would be required
- When taxes must be paid
- Downpayment as a percentage or single amount
- Homeowners Insure values
- and receive a quote from different financing options.
Remember finance options for a home come in a number of different varieties:
- Traditional 30 year Mortgages
- 15 Year Mortgages
- Reverse Mortgages with companies like AAG.com
- Interest Only loans
- VA Loans from companies like the Center for VA Loans
Overall the mortgage calculator app made the decision making process for purchasing our home easier. It was easy to use, simple, and clearly used by plenty of individuals that have helped work through the bugs and issues the app may have had otherwise. I would recommend this app to anyone going through the home buying process and trying to determine exactly what they can afford and how to go about doing that.