Stop wasting time with on-line mortgage calculators

If you’re a first time home buyer, we know that typically you get 90% of your information from the internet before you begin the search for your first home. We also know that first time home buyers do much of their information gathering about home loans on the internet as well.

This “insider” information has led to most real estate and mortgage websites offering a “how much home do you qualify for” widget. You get to enter some basic like your desired sales price, down payment, interest rate etc. The widget then calculates a monthly payment and estimates(based on the amount of income you entered) a sales price for which you qualify.
it all sounds pretty simple, but the real value for your first home search?
None!... Zero!... Zip!... Nada!

Read the complete article