Saturday, November 2, 2013
Log Home Financing
When it comes down to log home financing or a construction loan, it's really not as difficult as you may think. Most mortgage lenders give you the option of pre-qualifying online and using there online tools for free. This provides an excellent way to see how much you qualify for in the comfort of your own home. Basically, this consist of:* Monthly Income* Monthly Debt/Payments, (any loan that won't be paid off within 10-11 mths).Loan Terms That You Desire * Intrest Rate (8%)* Term (How many years you want the loan for)* Down Payment ( % of sales price)They will even estimate your taxes and insurance. Most log home financing companys offer online tools such as, calculators so you can figure:Monthly Payments* Calculates your payment for different loan amounts, interest rates, and amortization terms.Payment Schedule *Breaksdown and shows you how much you will actually be paying on the prinicipal and how much you'll be paying on interest.Extra Payment * This shows you how much you can save over the period of your loan, by increasing your monthly payment amount or by making an additional payment.How Much Can You Afford * This will let you know the maximum payment that you will be able to afford, according to monthly payment, interest rate, and term that you enter.Fixed Rate vs. ARM Calculator *Compares the difference between a fixed-rate and an adjustable-rate mortgage.15-Year vs. 30-Year Mortgage Calculator * 15-Year...Paid off sooner, but with higher payments. * 30-Year...Pay more interest, but lower payments.Refinance Interest Savings Calculator * Let's you see the benefits of refinancing.So, if you've dreamed of owning a log home, make it become a reality. Most log home lenders offer these valuable tools available online for free with no obligation.