Planning to buy a new house on loan but not sure how much can you afford? Well, this is the problem with almost everybody. Suppose you are earning $10000/month and you want to buy a $1M worth house. Even if you manage to pay $0.2M as the down payment and you go for a 15-year fixed plan, you’ll still have to pay $6751/month at an APR (annual percentage rate) of 6%. So it don’t think it’s advisable to for the deal as almost 2/3rd of your salary will be paid to bank every month and how can it be Royale if you’re buying a $1M house and living on pennies! It includes a lot of calculation to make out the perfect offer for you and you can’t be wrong. So it’s better to go for something reliable and listen to others who know better than you do about the business.
I am talking about a website www.mortgagebloom.com. The website includes a mortgage calculator which is very simple to use and extremely fast and reliable. All you have to do is just put in the values including your home value or anything else that you’re planning to buy on loan. Then enter other details like your down payment, APR and the plan duration. You can either enter the values numerically or you can move the slider and change the value.
The website developers have made sure that you don’t require any technical knowledge when you’re using the website and that’s why they’ve explained each term specifically in a very simple manner. But a mortgage calculator is not enough for visitors to complete rely on. A good advice is much more important and useful in case of such big deals. That’s why, they’ve included a forum where you can post your questions and they will be answered by other users and buy just looking at the posts you can tell that someone expert is sitting on the other side of the computer.
There are many different kinds of posts related to mortgage, loan modification, FHA and VA loans, etc. So almost everything related to mortgage and finance has been covered. Also, you can like a post introducing some social elements in the website. Just create an account and you can see your notifications on the website right when you log in. You can log in using your Gmail account, Facebook or Yahoo account. You can search for any post from the top of the page as well.
There is a blog also running by the developers where you can find the complete ZIP database for US. They have also explained some of the terms they use on the page.
Overall, MortgageBloom is a very good website to check out when you’re interested in some heavy investment. It’s fast, easy to use and reliable.
Pros: simple to use mortgage calculator with customizable features; fast; free.
Cons: there’s no expert guidance in the forum. It would have been more reliable then. Otherwise, people can’t always rely on the current users’ advice.
I will give this app 4 out of 5 stars.
Worth Having Application : Download the App