Believe it or not there are benefits to having a credit card that you can use to your advantage. It will take some will power for those of you who have trouble using them and paying them off but if you can handle it then I suggest you try it.
The only thing you have to do is use your credit card all month for anything you were going to buy anyways, and I mean ANYTHING. Put your groceries, gas, household bills and trips to walmart or home depot on the card. Then pay it off at the end of the month when it’s due and there will not be any fees or interest charges at all.
What has this done?
This allows you to rack up points each month that you can use towards regular things such as gas, gift cards, travel or even cash towards your next bill.
Just be sure to pay it in full rather than just the minimum payment. It needs to be paid off each and every month to avoid fees and interest charges.
The second thing it does is build your credit score FAST. It shows that you have the control to run up your credit card every month and pay it off as soon as possible to relieve yourself of any debt.
These are the people banks like to lend money to for cars, mortgages and even personal loans because they trust that you’ll pay them down as fast as you can.
Banks need to loan money to stay in business but they only want to loan money to the ones they feel will pay it back. Using your credit card and keeping a very low balance or none at all will show you have serious will power and won’t put yourself in debt very easily.
If you already have credit card debt then use my mortgage calculator to see how fast you can pay it down by adding a small amount of extra money each month.
Buying your first home can be an exciting and overwhelming experience. You’ve managed your money and credit and have a great score, so you’re certain that you’ll get a great rate. You’ve also accumulated a nice down payment. And you may be wondering: Should I spend all of my savings on the down payment?
It may be a hard decision whether to put all your savings into a down payment, especially if the extra cash will get you a better interest rate. The good news here is that some of this decision comes down to math. If you’re on the fence, check out a mortgage calculator. Use this prevalent online tool to see just how much you would actually save over life of the loan by inputting varying down payments.
If home-ownership is your goal, then you know that buying a home takes more than a down payment and a good credit score. If you put all your money down on the home, will there be any left over in case of an emergency? Think about it. If you should fall ill after you’ve taken on a mortgage and have no savings, how will you pay the mortgage? How will you eat? Most financial professionals recommend an emergency fund amounting to at least 6 months of expenses. If your mortgage payment is $1000, then you’ll need $6000 just to cover the mortgage, not to mention food, insurance, utilities and car related expenses. It can add up fast.
You’re buying a house, right! You may need that money for repairs, furniture, property tax or higher utility costs. You may be surprised by some of the expenses that may pop-up. In the end, every financial situation is different, be sure to thoroughly assess yours before making such big decision.
Please support The Free Mortgage Calculator by donating via PayPal a few dollars. We also answer personal questions if needed!
The home-buying process starts long before you go shopping for a potential new home. It could take months or years to save for a down payment or improve you credit rating. Perhaps the most important and easiest thing you can do throughout this process is to calculate your mortgage before you buy or try to buy a home.
An online search for free mortgage calculators will quickly give you many choices. Try your financial institution or others that you’d like to borrow from first. These calculators are great in that they allow you to input different variables like down payment, time and interest rates to help you get an idea of what your monthly payment will be. Conversely, it can help you determine how much home you can afford by inputting the amount you can currently afford to pay on a mortgage. Many sites show an amortization table to help you better understand what part of the money goes to principal or interest over the length of the mortgage.
There are other types of calculators that can be used in conjunction with the mortgage calculator to help put you in the best position possible. A borrowing power calculator allows you to compute how much you can borrow based on your income and debts. It allows you some insight into the difference between good and bad debt and how that debt affects your credit rating and how much you can borrow. There are also early payoff calculators that can show you how an extra $50 a month can affect your payoff date.
If you think that buying a home is in your future, a mortgage calculator is an excellent tool to employ along the way. It can help you assess your current financial situation and set goals for the day you’re ready to take the plunge into home ownership.
I will be making drastic changes to the look of my Free Mortgage Calculator blog in order to create the same look on my website. I am also creating a forum in order to attract new members to my website and discuss different mortgage ideas to save everyone money.
Everyone will be able to help each other use my mortgage calculator and even have a chance to win free prizes. All you have to do is sign up and get paid based on participation on my site. I will post questions daily and I want people to respond because the more a topic is discussed the more everyone learns from it.
At the end of the month I will go over the amount of responses from each person, the amount of time spent on my site and also the amount of page views by each visitor. Then I will award the 1st prize which is listed at the beginning of the month. Most likely it will be money in the beginning and depending on the popularity of my forum the prizes might get bigger and better.
You can use that money to pay down your mortgage! Use my free mortgage calculator to see how much it could save you over the years by adding some money each month. The calculators on my site will probably amaze you because you have no idea how much money can be saved paying down principal.
Please help support The Free Mortgage Calculator by donating via PayPal a few dollars. We also answer personal questions if needed!
