Choosing a Loan Typeby Marianne Salina
Loan Page Columnist
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Choosing a mortgage offers you the opportunity to select a borrowing plan that fits your individual budget and cash flow. Making a good decision on a loan can be critical, as mortgage monthly installments constitute a large portion of most household budgets. One easy method in determining your best loan option is to utilize a mortgage payment calculator. This approach allows you to easily calculate your ultimate monthly payment based on projected interest rates, a principal balance, and the mortgage duration.
Debt ConsolidationIn the process of securing a mortgage, it may be wise to borrow additional funds to pay off such things as credit cards, lines of credit, or other consumer debts. This process of debt consolidation allows you to pay off debt, which often accrues at a higher interest rate. Additionally, interest accruing on a home mortgage is tax deductible, whereas, interest accruing on most consumer debt is not. Therefore, you could be saving a tremendous amount of money in interest rates alone through debt consolidation.
Using a Mortgage Payment CalculatorThe utility of a mortgage payment calculator can be critical in determining the amount of debt consolidation that you need to do. You can easily determine which of your existing debts should be consolidated under numerous scenarios. If you have a high interest rate on your credit cards, debt consolidation could save you a lot of money.
Choosing a loan is a process that requires a good deal of research. Make sure you understand the terms before you make a decision.
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