Home Loan Mortgagers :: Mortgage Interest Rates Calculator
Mortgage Interest Rates Calculator: Estimating Interest Rates Using a Mortgage Calculator
It's hard to guess mortgage interest rates, calculators and estimators demand them, but until you get that final figure from the bank, you'll never know for sure. If you're using mortgage calculators to budget and see what you can afford, keep reading for some great tips that will help you estimate an accurate interest rate.
Check Your Local Rates
Interest rates can differ wildly, depending on the local market and competition from other banks. Start your estimate by checking your local business newspaper for a listing of mortgage lenders along with their advertised rates for both 15 and 30-year mortgages.
Alternatively, you can try using the Yahoo Real Estate Site. For example, let's say you plan to purchase in Seattle, WA. A quick visit to Yahoo's Seattle Real Estate site (http://realestate.yahoo.com/Washington/Seattle) will show you the average interest rate for the area, whether it's increasing and decreasing and a graph to show you the history of the rate.
Know Your Credit Rating
When it comes to mortgage interest rates, calculator options for estimating payments or simply understanding your eligibility for credit, it helps to know your credit rating. Typically, a high credit score is what you're going to need to actually get that low, advertised rate.
If your credit score is good, you can expect to pay one to two points higher, while a bad credit score could pay interest rates as high as 4-5 percent higher than the advertised rate.
See a Loan Officer
There's no such thing as a mortgage interest rates calculator. To get a truly accurate idea of what your interest rate will look like, you need to talk to a loan officer and actually start shopping around for a mortgage.
How Much Down Payment?
The advertised interest rates for 15 and 30-year mortgages also tend to be based on standard, 20 percent down payments. However, today, most homeowners aren't putting down as much as 20 percent, meaning most are paying more in interest.
While a mortgage interest rates calculator doesn't exist, you can get an accurate estimate of your expected interest rate by considering how much money you're putting down, seeing a loan officer, knowing your credit rating and having a solid understanding of your local interest rates.
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