![]() All you have to do is provide the information on your mortgage plan in the following simple steps: Using the mortgage prepayment calculator, you can easily compare each prepayment's outcome – both periodic and lump sum prepayments – in the prepayment summary table. Your financial condition can be different in a few years or even tomorrow if you receive a windfall, a better salary, or a bonus, it only makes sense to clear all or some of your debts. A lot can happen over a mortgage term that can affect your ability or desire to pay off your mortgage sooner than you had initially anticipated. Your income improves significantly compared with when you first took the mortgage loan. As time passes and you gain more equity on the property with your monthly payments, the principal amount gets smaller. This type of prepayment can happen when you’ve been servicing the loan for a considerable time. The loan balance or the principal amount left on the mortgage loan is relatively small, and you have enough to settle the remainder early. Take a look at our mortgage refinance calculator if you are interested. Mortgage interest rates can become cheaper if market interest rates decline or your creditworthiness improves over time for lenders to consider offering you a favorable interest rate. ![]() Refinancing means that you take a new mortgage loan with a cheaper interest rate to pay off the old costlier one. You find a cheaper interest rate and want to take advantage of it by refinancing.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |