MORTGAGE CALCULATOR

MORTGAGE

Payment Calculator

Principle

Interest

Property Taxes

Homeowner Insurance

Unlike other calculators, the Sam Lends Money Payment Calculator factors in your fees to give you a more precise payment estimate.
WHAT DO

Mortgage Rates Mean?

A mortgage rate is the interest you pay on your home loan. Your monthly mortgage payment includes the interest owed on the loan, plus a portion of the remaining principal balance. A lower rate means lower monthly payments. Even as little as a 1% difference in rates, can save you a significant amount of money.

Mortgage rates are volatile and go up and down every day.

This fluctuation is caused by a combination of forces, including:

Your Principal

When the economy is strong, rates often go up. During a weak economy, rates go down. Lenders also analyze economic data to try to forecast potential economic growth and slow down, and set rates accordingly.

Federal Reserve Activity And Inflation

To keep inflation in check, the Federal Reserve controls the amount of money flowing through the economy by raising and lowering interest rates, and inserting more cash when necessary by buying Treasury bonds. This, in turn, lowers interest rates and promotes economic activity.

World Events

Economies become volatile during a crisis and other such events happening domestically and/or internationally. This impacts investor confidence and changes in interest rates.
The rate you’ll be offered on your mortgage is depending on the factors above, as well as your financial situation. This includes your credit score, loan amount, terms, area of your home purchase, and how much money you’ll put down. All of these are considerations in determining your mortgage rate and whether it will be on the higher or lower end.
Refinancing is also impacted by mortgage rates. The best time to refinance is when there is a big gap between your current mortgage rate and the current market rates, which is when a refinance can save you a lot of money.
Even if you were previously denied a loan, didn’t qualify, or weren’t happy with the terms you were offered earlier, contact us today to put you back on track with a loan you’ll like.
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