A best rate mortgage calculator is the first place to go to explore a selection of home loans for an appropriate mortgage rate, whether you’re wanting to buy an investment property or be an owner occupier. However, as a house buyer, you’ll have to put in a little more effort to get the best interest rates. The interest rate on the house loan you are accepted for is determined by several factors, including your objective financial position. This is when your credit score comes into play. You will have a credit rating if you have ever applied for credit, such as a house loan, personal or auto loan, credit card, or even a mobile phone plan.
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The best rate mortgage calculator is the first step to finding a suitable interest rate, but it is not the last one.
When you look at the different mortgages available on the best rate mortgage calculator, you will notice two different types of home loan options that need to be discussed with your mortgage broker:
Using the best rate mortgage calculator is simple. Firstly, work out the estimated value of the property you want to buy, and how much you want to borrow, and enter them in the spaces provided.
The figures are different because banks and lenders will usually lend up to 95% of the value of a property, with the rest coming in a deposit from you.
