The calculator was created by the content development team at CanadaBanks.net and tested internally and by a group of external users. The goal is to help visitors understand the real cost of mortgage financing. In tough economic times, with the global financial crisis still lingering, housing, credit, and financial choices are more costly. Planning ahead and making use of a range of possible tools helps home buyers to avoid high interest rates. The new calculator allows visitors to play with various scenarios – different repayment and amortization schedules, terms, and interest rates – to increase their chances of gaining access to affordable home ownership.
“With Canadian real estate values reaching dangerous levels, controlling mortgage costs should be priority number one for Canadian home buyers. Our mortgage calculator is a tool that can help Canadians to understand the real costs of mortgage loans and make an informed decision when borrowing to buy a home,” said John Williams, marketing consultant at CanadaBanks.net.
The new calculator was created to help visitors explore their options and access affordable financing, including low-income families, rural residents, persons belonging to ethnic and racial minorities, baby boomers, and other underserved populations. Many financial institutions focus on active markets at the expense of moribund housing markets. This explains why they tend to serve communities and areas that are considered more lucrative. Given the unequal access to mortgage loans and the differences in terms and interest rates, making a wise purchasing decision is of utmost importance. The calculator uses the mortgage term in years, the annual interest rate, the amount of down payment, and the property price to calculate the monthly payments. Many people are unaware of the real cost of home ownership which makes budgeting more difficult. In times of changing home buyer profiles, rapidly shifting markets, decreased economic security, and wide array of products available, financial literacy and the use of convenient tools help borrowers to take advantage of interesting opportunities and attractive financial and housing options. http://www.canadabanks.net/