Knowing how to use the correct home loan calculator is a crucial part in ensuring a high approval rate with your mortgage.
But with a mountain of calculators to choose from, it is not uncommon for people to get confused on choosing the correct one for their specific needs.
Knowing how to use these various calculators does not only make one’s home loan application worry-free, but also worth your while.
Prepare the needed data
Each calculator requires different information before you can use them. To maximise the use of these calculators, you need to make sure that you’ve been providing as accurate information as possible.
The accuracy of the results provided by these calculators largely depends on how close your assumptions or information you put in the calculator are to reality.
At the planning stage, you should ready some vital information that you need to get more accurate results when you need to use the calculator. By then, you can be confident of your home loan application.
Know the right calculator
To ensure that you are getting the right information you require based on your circumstance and objective, choosing the right calculator is a key.
In order to know exactly what type of calculator you shall use, there are certain things that you need to consider: your needs, preference, purpose of the mortgage, personal savings set aside for deposit, and prevailing interest rates, among others.
Depending on your personal circumstance and preference, one could be using multiple home loan calculators or fewer. You may be using a calculator to calculate your savings, the amount of repayment you should be paying, and the associated costs for a mortgage, among others.
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Darin Hindmarsh is the founder and CEO of Intellichoice Finance, a broking firm based in Brisbane. He's been providing financial and broking services in the past 18 years. Hindmarsh is also finalist in the 2020 Australian Mortgage Awards - Pepper Money Broker of the Year – Specialist Lending. To jumpstart your home loan application, visit their home loan online application page today!
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