Online mortgage calculators can help start your home buying journey

Online mortgage calculators can be great tools. They allow potential homeowners to calculate mortgage limits and see what they may qualify for without booking an appointment with the bank or a mortgage broker. Here at PRMI, we believe these tools can be an integral part of the planning process when someone is planning to become a homeowner. We even have our own mortgage calculator tool for prospective homeowners to use.

Simple mortgage calculators work better
The most significant benefit of using an online mortgage calculator is that it helps you see what type of financial commitment you may be undertaking by applying for a mortgage. At PRMI, we believe a simple mortgage calculator tool is integral for starting your home-buying journey. Our mortgage calculator tool lets you calculate a mortgage amount against a term limit and an interest rate and then break down the results by an amortization period. This basic mortgage calculation is designed intentionally to get an overall idea of your potential commitment, which can really help you as you start shopping for a new home.

More advanced mortgage calculators are available that consider your debt-to-income ratio, credit, current mortgage rates, and more. While these tools may be helpful for the financially savvy, for the average potential homeowner, using these comprehensive mortgage calculation tools can be difficult. It’s easy to miscalculate or misrepresent your financial situation to get an unclear result.

Meet with with a PRMI loan advisor
Online mortgage calculator tools are a great start in the planning process. They can be valuable tools for seeing potential payments and give you a sense of the overall financial commitment that comes with buying your first home. These tools are especially helpful during your initial homebuying journey or when you begin to save for a downpayment, nail down your budget, or are working on improving your credit score.

Once you are ready to consider buying a home and have looked over our online tools, it’s time to meet with a PRMI loan advisor. Our advisors have much more comprehensive tools to fully grasp your financial situation and determine your eligibility in the current market. They can walk you through the prequalification process and suggest the right loan product for your needs. With their extensive experience and skills, you can find the right financing to help you feel confident about becoming a homeowner. So, if you’re at this stage of your homebuying journey, ditch the online calculators and book an appointment with your local PRMI loan advisor!