Utah mortgage loans is committed to helping you find the right mortgage product for your needs in Orem. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
How much can I save by refinancing my existing RV loan?
The answer to this question depends upon several factors. It
would depend on how much you could reduce your interest rate. It
would also depend on your unpaid loan balance. You would need to
weigh the potential savings against the closing costs... if any.
For example: If a loan with $50,000 remaining to be paid at 8.5%
interest could be refinanced at 6.25%, you could save more than
$11,400 in finance charges over the term of a 15 year loan. You
could also choose to lower your payments, or lower your
repayment term. The choice is yours, but in the case of RV
refinancing, there are usually very minimal closing costs. This
means that virtually any savings in interest rate make
refinancing a smart move.
What's your percentage rate?
Finance is a tricky business that can help you save thousands of
dollars, or can sneak up and bite you in the behind. There is
more to consider than interest rate and payments when financing
any type of vehicle, although these are the two things that
people usually focus on.
The first factor to consider is obviously interest rate. The
savings of even a quarter to a half percent in interest rate can
translate into thousands of dollars over the course of the loan.
This will be one aspect of comparison between your dealer's F &
I department and alternate sources of financing that are
currently available.
The second aspect you must consider is term. In other words, how
long will they finance the loan. This will directly effect your
monthly payment amount. You should normally choose a long enough
term to provide a comfortable payment, but not so long as to
severely limit the amount of principle included in your payment.
Dealership vs. Bank Financing
Most banks are set up primarily to finance automotive loans with
maximum terms of only 5 to 6 years. Because of constantly rising
car prices, some banks and credit unions are now offering longer
terms. Rarely however, will they go any longer than 7 years.
Even if you are financing an RV, the same terms will apply. This
can make for an extremely high payment.
This is where the RV dealer has an advantage. RV dealers are set
up with lenders who finance recreational vehicles on a daily
basis. In order to fit the payments into your budget, you can
easily finance for 10, 15 or even 20 years. This can mean the
difference between an affordable payment - and one that is
difficult, if not impossible.
Alternate Sources of Financing
With the emergence of the Internet, many specialized financing
companies have gained prominence. Most of these companies
specialize in recreational vehicle financing. This not only
includes RV, but also boats, aircraft and other higher priced
items.
The primary benefit of using a specialized recreational vehicle
finance company is that you will nearly always secure a much
lower interest rate. In many cases we have seen a savings of 1%
to 2% over the financing rate offered by the RV dealer's finance
department, or even the customer's local bank or credit union.
When using a specialized finance company, you should allow for a
5 to 7 day processing and funding period. Applications are
normally taken by secure form on the Internet, with supporting
documentation usually handled by fax. You will be required to
provide a recent pay stub and your last 2 years W-2 forms from
your tax returns. If you are self-employed or retired, you may
be required to provide tax returns or proof of retirement income.
Remember, if you are purchasing or refinancing an RV you should
always investigate your financing options to secure your best
interest rate and terms. Even though specialized recreational
vehicle financing take a little longer to process, it's usually
well worth the wait. Don't let your impatience end up costing
you thousands of dollars in finance charges.
Barry Wilder
About the author:
Barry Wilder has been associated with his family RV business for
over 25 years. He is currently the owner of Best Rate Financial
Services, providing loans and refinancing for RVs, boats and
aircraft. They also provide RV and Boat Warranties.
Best Rate Financial Services RV Loans