Lenders mortgage insurance calculator [mortgageapproved.blogspot.com]
Question by neffykitty: Do you figure mortgage payments for a 2nd mortgage the same as for a 1st mortgage? We're about to close on a house and we have a 1st mortgage, and then a 2nd to pay some of the down payment. This avoids PMI. If I plug the numbers into a mortgage payment calculator, the 1st mortgage payment is the same as the one on the TIL the lender provided. But the 2nd payment isn't - the calculators all say it's less than what the lender is saying. Is there a different mortgage payment calculator for a 2nd? Best answer for Do you figure mortgage payments for a 2nd mortgage the same as for a 1st mortgage?:
Answer by hfrankmann
Afraid so.
Answer by Cali-Gal
It should be the same....what is the term of your second? Maybe that's where you are encountering your problem. Not all seconds will have the same term is the first. Plus, are you plugging in the correct interest rate on the second? Seconds always have a higher rate than the first.
Answer by MYRA C
2nd mortgage rate are usually higher due to the risk factor and sometimes have bonus payments built into them or even a broker's fee. Read the fine print again maybe with your lawyer this time.
Answer by mazziatplay
That will depend on whether your 2nd is a fixed rate loan or a Home Equity Line of Credit. If it is a fixed rate 2nd it may be either amortized over 30 years but due in 15, or it may be amortized over 20 years. If it a Home Equity Line of Credit the payments are interest only.
Answer by soldierb
Your P/I is based on 10.00 for every 100.00 dollars. Did you guys pay closing cost? What percent did you close at? What is you intrest rate based on? What is your Debt -to - income ratio?
Answer by C B
Seconds are usually (but not always) amortized over a 30 year period. Look at the final TIL before you close as the one supplied before is really just an estimate.
Answer by DeeDee
No. First mortgage loans are for a much greater amount and you generally will get better terms than on a second - that is if your credit is good. The payments are calculated by the lending institution by the type of loan you choose. Say B of A is your lender, and the loan you have chosen is for a period of 30 years on a fixed rate. So lets say ...interest is 7.00% and over a period of 30 years on a "fixed" schedule. You would pay the same monthly amount for a period of 30 years. A second is more than likely different terms. Say 20 thousand at 4.75% (to start) for 10 years at a "Variable" rate. This payment would adjust to different amounts periodically. Watch out for the BALLOON clause...(This is a lump sum that could be due after the 10 years is reached) You would have to read your paperwork to determine if it is a variable interest note and for how long and how often the rate would adjust "Upward". If you had a Line of Credit, this too would have a set of terms. You should gain knowledge on the the "Fixed" type of loan and the "Adjustable" term note... and types of mortages provided as well as lines of credit and private money. Good luck-prior home owner and borrower
Answer by DallasLoanGuy
Same calculations. You should verify: 1. Loan amount 2. Rate 3. Term (15yrs? 30yrs?) Check with the lender and see which of these are off.
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mortgageapproved.blogspot.com How to make a Fixed Rate Loan/Mortgage Calculator in Excel
If you ever need any lenders' mortgage insurance information, there is one thing you can always have trust in and it's the lenders' mortgage insurance calculator. No, it is not equal to the calculator we're all so used to. It has barely anything to do with the simplicity of the common ones. This new product of the serving technologies has many purposes. They vary from being a simple counting gadget to a great calculator.
Also, it can help you get closer and easier to information from banks such as interest rates, policies, schedules and special available offers from banks. So, another great ability of the lenders' mortgage insurance calculator is to be a marvellous time-saver. Such an incredible tool can do all the research for you and, moreover, it can suggest the best offer in your own personal situation.
Lenders Mortgage Insurance, or just LMI, is a sort of insurance that is usually paid to a given lender for several possible security needs that can come-up within the process of acquiring a mortgage loan.
IN short รข€" this is the insurance given to the lender of the mortgage in case something bad happens to the mortgagor and the property's price drops drastically. Even if this great machine can save you time, efforts and a lot of unpleasant conversations with bank officials, its main function is none of this. The gadget was created in order to ensure that the lender would not suffer any big amount of loss even if the mortgagor is unable to pay a big part, or even the whole, of the loan when the lender cannot recover such a loss by selling the already mortgaged property. The normal percentage for such a payment varies between 0.8% and 1.6%. However, these numbers are just a basis on which the calculations are made. The final and trustworthy percentage of the lenders mor tgage insurance calculator's data depends on the certain information about the given project. Other factors that can influence the sum are the property's location, your relationship with the lender, the state of the property and also the current financial status of the country the property is based in. Every each one of these can prove to either lower or lift the percentage of the insurance; however, the good calculator is flexible and can add up the numbers for you.A lenders' mortgage insurance calculator is a tool that can be of help to both lenders and mortgagors. It can show the cheapest possible numbers as well as the highest ones. The good lenders mortgage insurance calculator can give you a great statistic of everything you may need. It does all the mathematics, the checking in with the banks' staff and can think for both sides of a mortgage contract. What else can a person want from a lenders mortgage insurance calculator? It is a fast, easy and a well-developed gadget made especially in order to help people when signing up for a mortgage.
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