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Use home loan calculators to find the best home loan for yourself

With the price of real estate increasing at an exponential rate, taking a home loan is now even more essential if you are planning to buy your own house. Home loans are quite useful in taking off the financial burden while buying a house. If you are confused between a mortgage and a home loan, it should be noted that there is not much difference between the two. A mortgage is a type of a secured loan in which the property is put up as a collateral. In case of a mortgage, you will have to give your lender a legal document that gives the lender legal claim on your property if you are unable to pay back the loan. However, a home loan can be secured or unsecured; you will directly receive money from your lender to buy your house without giving any legal claim over the house to the lender.

Taking a home loan not only provides financial assistance while buying a house but also has other benefits. Home loans can help to build your credit score. Most home loans have a repayment period of 20-30 years. So, if you are able to make your repayments on time, you can easily build a good credit score with your home loan. Also, there is always capital appreciation associated with real estate. Thus, buying a house with the help of a home loan can be a lucrative investment in the long term.

Before applying for a home loan, you will need to do the following:

  • Check your eligibility for a home loan: Before applying for home loans, check the various eligibility criteria. Different banks and lenders will have different requirements. You can check whether you are eligible or not by using a home loan eligibility calculator. Such calculators will analyze your monthly income, your age, taxes, expenses, insurance, the rate of interest, the tenure of the loan, the number of years you have been employed, the number of years left till retirement, and other such parameters.
  • Do thorough research: There are numerous lender institutions and banks in the market that offer home loans and mortgages. Each of these will have different interest rates, loan payment tenures, and other additional charges. Also, the eligibility criteria and other terms and conditions would vary. Before applying for a home loan, ensure that you research about all the different loan providers.
  • Calculate your home loan installments: Home loans are a good way to improve your credit score only if you are able to pay your installments on time. So it is necessary to calculate the amount of repayment installment you will be able to afford to avoid defaulting on your loan. You can calculate the repayment amount using a home loan calculator that takes in factors such as the loan repayment period, interest rates, and the principal amount of the loan.

Using home loan calculators to check your loan eligibility and to calculate loan installments can simplify the process of applying for loans in the following ways:

  • Save time: With home loan calculators, you only have to input different values in the fields provided. The calculator will give you the required results in a few seconds. You do not have to visit a bank or manually spend time in calculating the amount of loan you can apply for.
  • Get correct results: The sales representative of the bank may only give you estimates of the loan amount. Also, manual calculations may have a lot of inaccuracies and these may lead to making wrong decisions regarding your home loan. With home loan calculators, you can be assured of getting accurate results.
  • Efficient planning of finances: With home loan calculators, you get accurate results of the loans you are eligible for and the installments you will be able to afford. This will help you plan your finances well without affecting your credit score. You will know how much money you can invest, how much you can put into your savings, and how much you can put in your expenses.

Popular home loan calculators
You can easily find home loan calculators online through the portals of various banks and lending institutions. Here are some of the popular websites where you can find online home loan calculators:

  • Mortgagecalculator
  • Bankrate
  • USBank
  • USmortgagecalculator
  • Bankofamerica
  • USA-mortgage

All these calculators have common parameters such as loan amount, loan term in years or months, and annual interest rate. Some home loan calculators may have additional parameters such as property taxes, down payment, the start date of repayment, loan payoff date, monthly home insurance amount, and so on. Some of these home loan calculators may also show the best deals available for you in the market based on your home loan calculation results.

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