|
||||
|
Free calculators to help you calculate credit card interest, mortgage payments, home refinancing, and to manage and track expenses plus create a household budget.
#1 Calculator Download: Free Expense Tracking Calculator Download - TOP RECOMMENDED Click HERE for info and to download - (Download Instructions & Info) - Record and Track Expenses, and sort by type and/or by date. - Record Income/Deposits. Software also calculates debt-to-income ratio. - Instant Credit Grade Calculation. Software analyzes expenses. - Helpful Tips. If your grade is low, the software offers tips to improve. "Every American household needs this calculator." Click Here
#2 Calculator Download: 7-in-1 Credit Card and Loan Calculator PLUS Auto Loan Calculator to estimate monthly payments.
All of our financial calculators are 100% free, operate on Windows computers, and do not require entering sensitive data such as credit card numbers, bank account numbers, etc. The software does not require being online to use. Interest Rates
Most consumers want the best interest rates on loans, especially mortgage loans. A mortgage is a big responsibility and is the most common loan families pursue. The length of a mortgage is generally 20-30 years. If a mortgage loan is taken out at age 30 the home could be paid by the age of 60. For that many years, if the interest fees are high, you could pay thousands of dollars in interest. That is why it’s best to seek the a low interest rate for a mortgage loan.
Don't think just because you apply for a mortgage loan you automatically get the best interest rate. It will be up to the borrower to make sure the lowest interest rate will be available for the loan. Check credit scores before applying for any mortgage. A second way to save on interest, is to save a huge down payment so less money is financed for the least amount of years.
Whenever you apply for credit and get turned down, you can get a free credit report. To try to figure out the level of interest rate you will be eligible for, you need to know your FICO score. This score is determined from all the information on your credit report and is a factor that determines the interest rate paid on what is borrowed, what down payment is required, and the length of the mortgage.
A FICO score is a compilation of your payment history, the credit you have, the length of time of different types of credit, and how much credit to debt you have. Scores range from 300-850 and most lenders will not lend to you if you have a score less than 550. Scores between 550 and 649 will get higher interest rates. Usually borrowers with scores above 650 are offered lower interest rates.
FICO scores are not the only determination for a loan. A big down payment lets the lender know you are probably planning on making payments are serious. Also, a bigger down payment will reduce the amount of money needed from a lender.
To get your FICO score, you must request it as a free credit report will not contain this information. It is in your best interest to determine if your score is good enough to get a low interest rate so you may need to purchase this report before applying for a loan. If credit is less than perfect, consider taking time to improve it and apply later for a loan to get the lowest interest rates possible. Lower Interest Rate
Make sure you know what you are paying on your current card's balance and then find another card that offers 0% balance transfers and no annual fee. Find out what the interest rate will become after the initial introductory period. Call your current card's customer service department and let them know you may be planning to cancel the card because of the high interest rate. You may have to talk to an agent who may try to convince you to stay on as a customer.
Let them know you may stay if the interest rate could be lowered equal to another credit card's rate. Try not to tell them the credit card that offers lower interest rates as they may try to tell you all the reasons why the card may not be good for you. During your conversation stay focused on the issue of lowering your current rate. Hopefully you may get a lower interest rate. If you don't, you can still check out other credit card options to get lower rates. Canceling a credit card can effect FICO credit rating, so it is better to try to get a good rate out of your existing card provider than to make a switch. Interest Rate
The Prime Rate is the interest rate charged by banks for short-term loans to most creditworthy customers. These usually have great credit so that there is little risk to the lender. Not many customers qualify for the lowest prime rate or the lowest going interest rate. This rate is almost always the same among major banks and any adjustments to the prime rate are made by banks at the same time. However, the prime rate does not adjust on any regular basis but it can rise quickly and declines very slowly.
There are some expectations that the Federal Reserve will raise interest rates around September 2010 and some think about that time the unemployment will be over 9%. Most economists indicate the Fed won't raise rates until the third quarter of 2010 and may be unlikely to raise rates until the unemployment rate is lower.
It can be a bit misleading when the terms interest rate and interest rates are used as there are hundreds of interest rates between borrowers and lenders. The differences in rates can be due to the duration of the loan or how much the borrower is a risk. Then there is nominal interest and real interest rates. For example, nominal interest rate can be when a one year bond is bought for face value that pays 6% at the end of the year. If there was $100 paid at the beginning of the year and you get $106 at the end of the year as the bond pays an interest rate of 6%. The 6% is the nominal interest rate, and inflation was not factored.
For real interest rate, pretend that there is an inflation rate of 3% for the year. If goods are bought today and the cost is $100, or if bought next year, they will cost $103. If a bond was bought with a 6% nominal interest rate for $100 and we sell it after a year and get $106, buy a basket of goods for $103, we have $3 left over. After factoring in inflation, the $100 bond will earn $3 in income; a real interest rate of 3%. The relationship between the nominal interest rate, inflation, and the real interest rate is described by the Fisher Equation:Real Interest Rate = Nominal Interest Rate - Inflation. When inflation is positive, the real interest rate is lower than the nominal interest rate. If we have deflation and the inflation rate is negative, the real interest rate will be larger. Interest Rates
Many consumers want to try to save more money this year, and earn as much interest as possible. Interest rates will probably stay low and may not get much better later in the year. Savings accounts, CDs, and money markets have ranged between zero and 0.25% since 2008. Yet those low rates could benefit borrowers who are able to get approved for a loan. Banks appear to still be careful about loosing up on giving out credit, and for those who can get loans, they may not get much. Community banks, which may have not suffered sub prime losses, could experience a crunch due to some types of defaults.
Even though savings yields can be low, if lending increases, banks may pay more so you may want to consider not locking in rates on long-term CDs. Choosing FDIC-insured bank savings and money-market deposit accounts, and CDs that mature in less than six months may be a good option. Mutual funds can pay much less and these may need to be avoided. As always, shop for the best rates and don't take just anything a bank offers.
Another option is to review online savings accounts which could be better. To really save on the expenses of debt, be sure to pay down any credit card balances and home-equity lines. Borrowers may have the advantage as lenders will want to get the best credit worthy consumers. It will be those consumers with high credit scores who can find the best deals, interest rates, and rewards as companies desire more low-risk customers. Offer for free personal finance software to manage and track expenses. Interest Rates
The latest buzz is that rate hikes are coming and the Federal Reserve is indicating the near-zero interest rates will eventually be ending. Even though the Fed boosted rates it charges banks, it won't mean it will move soon to boost broader interest rates. Investors need to get ready whenever the rate hikes come. Having higher rates will be a good sign the economy will be strong enough to function without the help of emergency rates. It can also mean yields from CDs, savings, and money-market accounts will be much better.
Once inflation starts going higher, investors may need to look closely at what they own and they may need to make some changes. Consumers need to figure out how higher rates could affect personal finances. When interest rates raise on a previously issued bond, the bond's value on the open market drops and that can be costly for investors who poured a lot into bond funds. In the past, people were getting out of stocks and into the safer stuff. Long-term bond funds could be the most vulnerable, yet no one can know just where the market will go for sure. Hanging onto bonds can be rewarding as they sometimes loose and down turns may not last long.
Unlike many corporate bonds, U.S. government bonds will pay. The return on these Treasury bonds is adjusted to eliminate the impact of inflation. Those who save can look forward to a time when their money can grow at a decent rate. Now, the rates for one-year CDs are under 1.7 percent and savings and money-market bank accounts usually are below 1 percent. Yet rising rates will make mortgages and other loans more expensive. If you want to buy a home or refinance an existing mortgage, consider locking in some low rates. The economy is so uncertain for now, but changes will eventually come around. Interest Rates
The Federal Reserve indicated that interest rates will again be kept low and the economy does appear to continue to get stronger. The labor market may be stabilizing as well. No one knows how long the low rates will last, but rumor has it that the rates may last until fall. Some consumers fee the that low rates are needed to help with economic recovery.
Even businesses may be spending more money for equipment and software from last year, while spending by consumers may still be weak due to unemployment, no increases in wages, and hard to get credit. There are still some weakness involving commercial real-estate and home building. The great low rates can benefit borrowers who do qualify for loans but many who live on fixed incomes are not earning much interest on their savings. Some household may be spending some more, but that is affected by unemployment as many employers still may not be adding more workers to their payrolls. Get a quote to refinance for lower mortgage payments. |
|