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Arlington, TX August 8, 2006
New free online mortgage calculators offer real answers for new homebuyers
New free online mortgage calculators give homebuyers detailed calculations at their finger tips. Calculations include taxes, insurance, PMI, closing cost and pre-paids
for all 50 states. The perfect tool for homebuyers that are not financially savy, or lack mortgage knowledge.
Most new homebuyers have no finance background and little experience with mortgage loans, yet banks and mortgage brokers treat their online customers as expert Loan Officers. Today's
online mortgage tools are completely inadequate and assumes the user knows the intricacies of mortgage lending guidelines. New tools developed by The Mortgage Toolbox, Inc.
eliminates the "guessing game" that occurs with those other so-called "free sites", and allows consumers to find real answers about their home financing options.
According to an industry survey1, 3 out of 4 homebuyers will conduct their own research on the Internet regarding their financing options before talking to their bank, or local loan officer. When
a consumer finds an online site that offers a free mortgage calculation tool, they display inaccurate and incomplete results in the following categories:
- The "total payment" including property taxes, homeowner's insurance, and Private Mortgage Insurance (PMI)
- Closing Cost & Prepaids
- How much money is needed to close
- Maximum Purchase Price
With so many calculators on the market that fail to help the average consumer find real answers, it's no wonder they feel so confused about their mortgage financing options. It's vital that they are given mortgage tools that provide a true and accurate
reflection of their cost of owning a home and their total monthly payment.
A consumer who recently used our tools raved about the benefit of calculating figures before she started looking for a new home. "I always thought 'zero down' meant no money out of my pocket. I was wrong."
Catherine R. of Atlanta GA. "It was very benficial to me to see the actual cost of buying a home, and how much my total payment was going to run each month. I recently visited a popular online site and used their default figures,
and the results didn't even apply to the state I was living in. It didn't give me the total payment including the taxes and insurance, or what the closing cost was going to be. I would have been in for a rude awakening when I tried
to buy a house." Catherine advises.
These free tools can be accessed by visiting:
www.free-mortgage-calculators.com
The free calculators available to consumers are:
1 "Myers Internet/Mortgage Banking Internet Mortgage Industry Survey, 2002"
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