The
Fair and Accurate Credit Transactions Act of
2003 allows all consumers to receive ONE free
credit report each year. Go to the official
site created by the three largest credit reporting
agencies; Equifax, Trans Union and Experian.
Subtract your estimated
down payment from the property price and enter
the value in "Loan Amount" (Remember
that if the down payment is less than 20%
of the sale price you will have the added
expense of Mortgage Insurance which is not
figured into this calculation.)
Enter the current interest
rate. Go to
www.bankrate.com for currents rates in
your area.
Estimate Annual Tax and
Insurance and enter these values.
To test the effect of
different loan periods try alternatives to
the default of "30" years.
Each time you change
a value hit "Calculate Now" to see
what the effect is.
Karen Sepko is Licensed in LA.
Prudential Gardner, Realtors®; Metairie, LA, USA. An independently owned and operated member of The Prudential Real
Estate Affiliates, Inc.
