What Is the Halifax Mortgage Calculator
Are you a first-time home buyer? Does trying to learn about all the different kinds of mortgage loans make your head spin? Don’t worry we’re here to help! The Halifax mortgage calculator can tell you in just a few moments after entering your purchase price, down payment, length of the loan term (1-5 years), the interest rate, payment frequency (bi-weekly or monthly), and the length of your mortgage what your monthly payment would roughly be.
What do Lenders look for in Borrowers?
Lenders look at the following information re the piece of property you the borrower, are interested in:
- its location in the HRM
- the purchase price & appraised value
- if it has ‘sellable’ qualities in case you hit a snag and default on your mortgage somehow
Any lender you work with will want to be reassured that you can pay the mortgage loan with ease each month and that you have good credit, a stable & secure income as well as access to enough money to cover closing costs and anything that might pop up during your ownership of the home.
What if I Am Missing Lender Qualifications?
What if you are not missing a few of the qualifications listed above? Unfortunately, this might mean that you can expect to pay a higher interest rate and possibly other additional costs, as you pose a higher risk to the lender.
What Are the Different Terms the Halifax Mortgage Calculator Can Calculate?
Some terms you may have heard when it comes to mortgage is Fixed, Adjustable & Variable. A fixed-rate mortgage is usually the most popular because it locks in (for a determined term like 1-5 years) the interest rate you agree on. An adjustable-rate mortgage sits on par with the prime rate, so if it goes up or down, so does your interest rate. What’s a prime rate? A prime rate is the interest rate commercial banks charge their most credit-worthy business customers. Last but definitely not least we have the variable rate mortgage. A variable rate mortgage is set to the prime rate and can also fluctuate your interest rate.
Need Help with the Halifax Mortgage Calculator?
If you need more information on the Halifax Mortgage Calculator we would love to put you in touch with one of our preferred lenders. Please reach out to us through the “Contact Us” page at https://www.realestateinhalifax.ca/contact/
We can’t wait to help you on your home ownership journey!
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