Archive for May, 2008

Calculating Your FHA Loan

Thursday, May 8th, 2008

We all know the importance of being informed before taking out any loan, and as more and more people take out FHA Loans it’s critical to understand your obligations before starting the process. A simple way to do this is by using a mortgage calculator. One of these such tools can be found at the Mortgage Loan Place website. You plug in your information and the calculator provides an estimate of the loan amount you could be approved for and your monthly payments. The information to be plugged in includes:

  • Yearly Salary
  • Other Income
  • Property Tax
  • Hazard Insurance
  • Monthly Auto Payment
  • Credit Cards and Other Payments
  • The Calculator already has the Loan Term (30) and Interest Rate (6) plugged in, but these can be changed to fit your plans. Tools like this one are a great way of understanding what you can expect before starting the FHA lending process.