Free Mortgage Calculator

The mortgage calculator allows your website visitors to estimate their mortgage payments by entering:

the total cost of the home,
a down payment amount,
an interest rate (fixed rate),
the amortization period (mortgage term),
and they can select a payment period, either monthly, bi-weekly, or weekly,
nice popup summary with chart and amortization schedule.
The mortgage payment result is displayed below the form – very simply and very easy to follow. For the savvy user, a click on the information icon reveals more mortgage details…

Links for some FREE Online Calculators

RBC Free Online Mortgage Calculator

Federal Consumer Agency Mortgage Calculator

Why You Should Pre-Qualify for a Mortgage

Pre-qualifying for a mortgage offers several advantages that can help streamline the home-buying process and improve your chances of securing the right property. Here are the key benefits:

1. Clear Understanding of Budget

• Pre-qualification gives you an estimate of how much you can borrow, helping you set a realistic budget for your home search.
• It avoids the disappointment of falling in love with a home that is outside your financial reach.

2. Demonstrates Seriousness to Sellers

• A pre-qualification letter signals to sellers and real estate agents that you’re a serious buyer.
• It can give you an edge in competitive markets, as sellers are more likely to prioritize offers from pre-qualified buyers.

3. Saves Time

• Knowing your budget narrows your home search to properties you can afford, saving time for you and your real estate agent.
• It also streamlines the process when you’re ready to make an offer.

4. Identifies Potential Credit Issues

• During the pre-qualification process, lenders review your credit report and financial details. This can help identify any red flags, such as low credit scores or high debt-to-income ratios, that might impact your ability to secure a mortgage.
• You can address these issues early, potentially improving your financial standing before applying for a loan.

5. Better Loan Comparisons

• Pre-qualification allows you to compare loan options from different lenders based on the estimated loan amount, interest rates, and terms.
• This ensures you’re getting the best deal possible for your financial situation.

6. Sets Expectations

• Understanding estimated monthly payments, down payment requirements, and closing costs helps you prepare financially for the home-buying process.
• You’ll have a clearer picture of the long-term financial commitment.

7. Speeds Up the Closing Process

• Pre-qualification is often the first step toward pre-approval, which involves a more thorough review of your financial situation.
• Being pre-qualified or pre-approved can expedite the closing process once your offer is accepted.

8. Improves Negotiating Power

• A pre-qualification letter can strengthen your negotiating position with sellers, as it shows you have taken proactive steps toward securing financing.

9. Boosts Confidence

• Knowing you’re financially prepared to buy a home can boost your confidence and reduce stress during the home-buying journey.

While pre-qualification is helpful, it’s important to note that it’s not a guarantee of a loan. To solidify your position as a buyer, consider getting pre-approved, which involves a more rigorous financial review and provides a stronger assurance to sellers and real estate agents.