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Which Loan is Better for You? Our Loan Comparison Calculator

The iServe Blog

FHA loan, VA loan, USDA loan, Conventional—the sheer number of different residential mortgage lending options can be overwhelming. You know that you want a low interest rate and you understand that each loan has different requirements regarding which properties qualify and how much you will need to have available for a down payment. Luckily, you have an excellent resource available to help you make the right choice—iServe Residential Lending, LLC’s Mortgage Loan Calculator. Let us show you how it works and how it can guide you towards making the best lending decision.

  • Visit Our Mortgage Loan Calculator Page – The mortgage comparison calculator is just one of many different tools we offer to help you with the home buying process. Make sure you check out the other calculators too.
  • Plug In the Numbers – You will be presented with several labeled fields on the page. You can enter the amount of the loan and other details such as interest rates, points, origination fee and closing costs. The more information you can provide, the more accurate your mortgage rate comparison will be.
  • Calculate – The tool will calculate the results for you and show you exactly how much you will pay up front and for the life of the loan based on the information you entered. You will not have to wonder which option is the most affordable over the long term.
  • Talk to an Expert – Even though you have those numbers, what do they actually mean for you? It could be that a loan that costs more over the long term could be a better deal for you, if it means that you don’t have to take out an additional loan or pull out money from a tax-deferred savings program to be able to fund a down payment.
  • Run the Numbers Again – If anything changes with your situation, make sure you run the numbers again. It could be that the loan that was once a better deal is no longer offering you savings. Mortgage rate comparison is a tricky subject. The smallest changes can have the biggest impact on your bottom line.

While iServe’s Mortgage Loan Calculator is an excellent tool, there is a lot more to think about when it comes to your loan than just mortgage rate comparison. We invite you to reach out to us by email or phone and let one of our lending experts help you with the mortgage lending process. We can work with you every step of the way, so you can feel confident you always make the right choice. Contact us today for more information and assistance as you start the home buying process.