Free Mortgage Calculators for Durham Region Home Buyers

As a professional real estate agent, one of the most popular questions I am often asked is, "What is the best tip I can offer a potential home buyer?", and without a doubt the answer is:  Get pre-approved as soon as you make the decision to purchase a home.
There are so many reasons to get pre-approved and I would like to illustrate the benefits of each one.

1.  Defining Price Parameters - Obtaining a pre-approval with a bank, lending institution or mortgage broker will set the proper boundaries to what price range you should be looking.  Too often a potential home buyer "feels" the price they can afford justifying it by their income, potential raises in their employment, etc.  When one is borrowing money, lenders are only interested in the facts of the present day, and the recent past.

2.  Saves Time - A pre-approval eliminates homes that don't fit the financial criteria.  There is nothing more disheartening than losing a great real estate opportunity because the Buyer was not qualified initially.  Getting pre-approved takes very little time with your mortgage specialist.  With today's advances in technology, much of the process can be achieved through your computer and internet connection.

3.   Advantage at the Bargaining Table - When your "Home Savvy" Realtor is negotiating on your behalf, a valuable weapon is the pre-approval.  Shortening the financing condition, or removing the condition entirely, is often a benefit to the Seller.  It shows prudence, confidence and strength and could be the factor that gets not only the deal accepted, but perhaps at a better price.  This past season, dozens of our Buyers found themselves in multiple-offer situations.  Having that pre-approval gave them the upper-hand that many others did not.

Our personal finances are a very secure and tender issue with most people.  You might be unwilling to share this sensitive information initially.  Mortgage calculators can give you a good idea of where you stand financially before speaking to your representative.  Here are some mortgage calculators, brought to you by our good friends at The Mortgage Centre:

• Rent vs Buy Calculator - this calculator will tell you whether you're better off renting or buying
• Maximum Mortgage Calculator - this calculator will tell you the maximum mortgage amount and monthly payment you can qualify for based on your income and existing expenses
• Mortgage Qualifier - with this calculator, you can put in the house price you have in mind, along with your expenses, and the calculator will show you how much income you'll need to qualify
• Mortgage Payment Calculator - this calculator will show you how much your payments will be and the total amount of interest you'll pay over the life of the mortgage
• Mortgage Isolator Calculator - with this calculator,  you can isolate and change your payment frequency, amortization, mortgage amount, interest rate or payment size to see what effect it will have on the other variables

Most likely, your greatest financial assets are your holdings in real estate.  Many of my clients, customers, and blog readers are considering their first home.  Being proactive on the pre-approval, gives you the greatest advantage on obtaining the home of your family's dreams.  As always, contact a professional mortgage specialist for more details.  We at the Home Savvy team have many reputable, knowledgeable representatives eager to assist you.  Contact us today.