Calculators4Mortgages.com has introduced a new online tool designed to allow home shoppers to avoid the common calculator catch-22 of entering an estimated payment to forecast possible loan amounts. The new prequalification calculator is designed for easy use and greater accuracy.
Home shoppers trying to determine their price range are often stymied by a basic requirement on many mortgage prequalification calculators to enter monthly housing expense, the company says. Determining the housing expense (including mortgage payment) requires knowing the mortgage loan amount, but the loan amount (and the sales price) is what the user is trying to get from the calculator in the first place.
The new proprietary calculator is available free of charge at Calculators4Mortgages.com. Registration is not required. Realtors, mortgage lenders, home sellers and other Web site owners may add this calculator to sites at no charge by following the online instructions. (http://www.calculators4mortgages.com/build-a-calculator.html?calcType=6), the company adds.