Mortgage calculator

Q: I’ve heard I need to use a mortgage calculator to help determine whether I will qualify for a loan. Is this true; and how does it work?

A: A mortgage calculator helps homeowners assess what kind of home loan they can afford. To meet lender requirements, you’ll need to demonstrate that you have the financial ability to make your monthly payments. This helpful automated tool allows you to figure out what kind of loan fits within your budget and whether you can expect problems when you apply for a loan. This tool also helps potential buyers stay out of trouble by helping them avoid loans that may put them in financial peril further down the line.

You can use the following loan calculator to help asses what type of home you can afford.

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By Nathaniel Hutchinson
Financial Expert


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