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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.
Almost two thirds of newspaper advertisements for loans are
breaking the law - according to the UK's trading watchdog, a
figure deemed "wholly unacceptable" by Richard Brown of the
consumer finance website moneynet.
Moneynet has been championing greater consumer awareness of
personal finance products for over eight years. In response to
rising consumer debt in the UK, the financial research
specialist is taking additional action to educate consumers on
personal finance products such as person
al loans, credit
cards, mortgages and life insurance. Moneynet believes that clear loan
information will not only help consumers to choose the most
appropriate personal loan for their circumstances, but by
understanding the terms of the loan, the consumer is more likely
to be able to keep up repayments and avoid an adverse credit
history, which could affect future applications.
According to a recent MORI poll, only 33% of people who have
taken out a personal loan were aware that there was an early
redemption charge, whilst an even smaller number of people could
actually specify the percentage or figure of the early
redemption charge. The same poll also highlighted that only two
out of five people could correctly identify the financial term
APR as the Annual Percentage Rate and only one in ten people
were able to equate the APR with the interest rate.
Richard Brown, CEO of moneynet, stated, "At moneynet we question
the effectiveness of quoting APRs in loan adverts for several
reasons. Firstly we question whether the general public really
knows what this means and even those people that do understand
it are probably unaware of the effect of a change in the APR on
actual monthly repayments. For example a 1% difference in the
APR on a loan of £5000 over 3 years makes a difference in the
monthly repayments of only £2.14. We would argue that whilst the
APR is important in deciding which loan to choose it is not the
only deciding factor. Other things such as early repayment
penalties and the cost of payment protection insurance can be
equally as important."
In addition to extensive price comparison research for loans and
credit cards, moneynet also offers a wide range of free
downloadable consumer information guides on credit cards,
mortgages, loans, life insurance, ethical investing, family
finance, student finance and insurance.
http://www.moneynet.co.uk
* * * * * * * * * * * * *
About moneynet:
Moneynet.co.uk is the UK's most established personal finance
research and data website. The company offers consumers a wide
range of low cost financial products: from mortgages and
personal loans; to car, home and medical insurance; credit
cards; savings accounts and best-buy fixed rate products.
Moneynet.co.uk is an ethical, impartial and comprehensive source
of consumer finance information, covering the whole of the
personal finance sector.
Moneynet was founded in 1997 by Chief Executive Richard Brown to
simplify the personal finance market and provide consumers with
impartial and interactive information on financial products and
services.
Press and consumer enquiries:
Moneynet
Contact: Richard Brown, Chief Executive
Telephone: 0208 313 9030
E-mail: online@moneynet.co.uk
Web: Personal Loan Consumer
Information
About the author:
Press distribution by bigmouthmedia
Contact: Rachel Lane
Telephone: 0131 561 2251
E-mail: rachel@bigmouthmedia.com
Web: http://www.bigmouthmedia.com<
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