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HOW TO GET MORTGAGE LOAN EASILY

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  Getting a mortgage loan can be a lengthy and sometimes challenging process, but there are some steps you can take to increase your chances of getting approved.   copyright free image by  pixabay Check Your Credit Score: Your credit score is one of the most important factors that lenders consider when deciding whether or not to approve your mortgage loan application. You can check your credit score for free from many websites like Credit Karma, Credit Sesame, or directly from the three credit bureaus. If your credit score is low, consider improving it by paying off debts and correcting any errors. Save for a Down Payment: Saving for a down payment can help you get approved for a mortgage loan and also lower your monthly payments. Most lenders require a down payment of 20% of the home’s purchase price, but some may accept as low as 3%. However, be aware that if you put down less than 20%, you may be required to pay Private Mortgage Insurance (PMI). Get Pre-Approved: Getti...
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MORTGAGE CALCULATOR

 A mortgage calculator is a tool that can help you estimate the monthly payment for a mortgage loan. It can also help you determine how much home you can afford based on your income, expenses, and other factors.

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To use a mortgage calculator, you will typically need to input the following information:

  • Loan amount: The total amount you plan to borrow for your mortgage.
  • Interest rate: The interest rate you will pay on your mortgage loan.
  • Loan term: The length of your mortgage loan, usually 15 or 30 years.
  • Property taxes: The annual property taxes for the property you plan to purchase.
  • Homeowners insurance: The annual cost of homeowners insurance for the property you plan to purchase.
  • Private mortgage insurance (PMI): If you are making a down payment of less than 20%, you will likely be required to pay for PMI.

Once you have entered this information, the mortgage calculator will provide you with an estimate of your monthly mortgage payment. This can help you determine whether a particular home is affordable for you, and can also help you compare different mortgage options to find the best one for your needs.

There are many free mortgage calculators available online, and most mortgage lenders also have their own calculators on their websites.

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