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By Karina Popa & Bakur Sindy in Posting Accessories
Expert Author Karina Popa

When you consider purchasing a house, you’ll need to make payments for it over a number of years. It is imperative to choose the correct mortgage, as it helps saving your time and money .

But, at the outset, you should answer a few questions :

What is your financial status ?
How much money do you have in your bank account ?
Do you have any financial problems ?

Below are nine suggestions to save big on travel :

1. Use airline sites to compare airfares. Be sure to go directly to the web site of the airline which services the destination you are flying to, and check the price before purchasing .

2. Become familiar with the new trend in accommodations, such as Airbnb dot com and other sites which offer host for rooms, apartments or homes .






You should honestly answer the above questions for your own sake; else you may land up in a financial mess. Here are the types of mortgages one can choose from :

Fixed rate

In this case you’ll need to give a fixed rate every month .

Adjustable rate

Here, the rate of interest wouldn’t change for the early period, which may vary from six months to ten years. During this period, the monthly payments are generally low. Subsequently, the rate of interest will depend on the movement of the price indexes .


Balloon mortgages are short-term loans for five to seven years. At the expiry of the period, you may pay the remaining amount or refinance the house. You may also opt to change it to a traditional loan, as per the prevailing rates of interest, or just sell the house .

How to compute the monthly mortgage payments ?

Using a mortgage calculator, you can get the mortgage amount quickly. There are calculators for fixed rate, adjustable rate, amortization, refinance, balloon and APR, to name just a few. You’ll surely find one that suits your needs .

The most popular online calculator is the fixed rate calculator. As indicated by its name, it’s used to calculate payments for mortgages having fixed rates of interest. The data required for using it includes the size of the loan, the duration of the loan and the rate of interest .

You can calculate the mortgage amount you’ll need to pay every month, every week or every year by entering the amount of the loan and the preferred schedule of repayment .

The data required for using an ARM, or adjustable rate calculator, is different from that of a fixed mortgage calculator. When opting for an adjustable rate mortgage, the initial rate of interest is low, but it carries the risk of increased mortgage rates in future .

At the same time, if there is a reduction in the rates of the mortgage in the future, the borrower has benefits. The use of an ARM calculator allows you to calculate future adjustments by using a predicted rate of interest .

Usually, a balloon mortgage has a timeframe of ten years, during which the borrower may pay just a small part of the loan, but as the mortgage ‘balloons’, the borrower is required to pay the remaining amount .

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