Mortgage Rate Calculators

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Does the Mortgage Rate Calculator serve any purpose?

It's a wonder that lenders bother putting up mortgage rate calculators on their websites. They can be very deceptive tools when figuring what your monthly payments would be on a mortgage loan. Oftentimes you don't qualify for the rate you punch in or you would qualify for a loan program with completely different terms and payment as the one the mortgage rate calculator was designed for.

The basic mortgage rate calculator can be deceiving because it commonly only refers to a traditional 30-year fixed mortgage. If you plan on getting another type of mortgage, it's good to try to find a mortgage rate calculator that meets that scenario or better yet, talk to a lender who can paint the true picture of how much you can afford versus the mortgage rate.

There is no real way to determine what rate you will qualify for unless you talk to a lender. If you know you have excellent credit, you can expect that you will qualify for the lowest advertised rate, but it may go up tomorrow if you don't lock it in today. So basically, if you have excellent credit, punch in the lowest rate into the mortgage rate calculator and see where you stand, move it up slightly higher if your credit isn't as good.

There are a few good things about mortgage rate calculators. First and foremost, you must use them with the idea that they are a tool to give you a rough idea on how much your monthly payment would be at a specific rate. You can't use the mortgage rate calculator and be disappointed that you don't qualify for the advertised rate that you punched in the calculator. Mortgage rate calculators are really best for when you are just beginning your search for a loan, to get a ballpark figure on how much you can afford.