What is the math formula for mortgage payments? Mortgage Sales Manager

What is the math formula for mortgage payments? Mortgage Sales Manager. Everything is based on mathematics- Jim Porter of Solano Mortgage

What is the math formula for mortgage payments? Mortgage Sales Manager video duration 2 Minute(s) 23 Second(s), published by Mortgage Sales Manager on 11 08 2017 - 16:46:11.

What is the math formula for mortgage payments? This video is designed to help mortgage loan officers learn the right way to calculate the mortgage math

Mortgage Calculator https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/homebuying-calculators/mortgage-calculator . "I got to get to pilates right now, It starts in about 5 minute
So one of the things that we have decided to do for 2017 is focus on the mathematics behind the .

What is the math formula for mortgage payments? This video is designed to help mortgage loan officers learn the right way to calculate the mortgage math formula to show their customers how much money they're saving by refinancing. Presented by Dave King with Mortgage Sales Manager, the video begins by noting the fact that most loan officers only look at the difference in payments. While the payment amount is important to customers, it's not the best way to convey how much money someone is saving. Showing a payments-to-payments comparison is like an apples-to-oranges comparison.

There will be a different amount of time remaining on the loan, starting loan amount, interest rate, and different amortization. The most accurate formula for how much is being saved on a refinance is the amount that they owe times the interest rate differential. This formula will give you the first year's savings and the savings will go down with the balance every year after that. For example, consider a $300,000 loan at 4% versus a $300,000 loan at 3.5%. Running the numbers, the difference is $173 a month. Unfortunately, many loan officers will tell their customers that this is how much they're saving. But when using the formula provided, the difference comes to $3000 a year or $250 per month. That difference between the $173 and $250 is additional amortization that happens in the earlier years of the loan. So take the time to check the numbers, maybe run an amortization schedule or two, to help you be better able to drive home the point and express the savings to your customers.

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