Mortgage Calculator & Mortgage Rates by Bankrate app review: know where you stand

Introduction

If you're shopping around for a new home then you will obviously be interested in getting a mortgage. So just how much will the house end up costing you, how much can you afford? Those are calculations you likely can't do quickly in your head instead use an app. The Mortgage Calculator & Mortgage Rates by Bankrate app can be used on your iPod touch, iPad, and iPhone to give you quick answers to your mortgage questions.

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Plenty of Uses

There are plenty of reasons you may be interested in mortgage information such as getting a new mortgage, refinancing, or you're just curious about current rates. Unless you work in the financial industry mortgages can be one of those gray areas that is confusing to say the least. This app makes it easy to understand and gives you real-time mortgage rates and real monthly mortgage payment amounts. You can even search for lenders through the app as you view all their rates. What’s great about this app is that you may be able to get a larger mortgage than you thought once you see how it breaks down monthly, or the opposite can be true. Either way you’re getting a realistic and complete picture.

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This app has recently been updated with a new look for those using it on iOS 7. It also got some bug fixes and you can now view homeowners insurance quotes through it. Despite the information offered this app is only getting 3.5 out of five stars from customers, it seems it still has a way to go in satisfying users.

Gather Your Information

You can see this app as a way to gather useful information regarding mortgages. It doesn't mean you have to be ready to buy right now or refinance; it just is an easy way to get current information that can play into your decision process.

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This app has two main tools which are the mortgage calculator and the mortgage rates/payments tool. With the calculator you can figure out what your monthly payment will be based on your mortgage term, interest rate, and loan amount. You can also use the amortization calculator in order to see your balance over time, the interest, and the principal, which can be quite enlightening. The mortgage rates and payments section provides users with real-time rates and information. You can save your calculation and search to make it easier for next time.

Pros and Cons

Pros

• Easy to use
• View real-time mortgage rates
• View what your monthly mortgage payment would be
• Use the amortization calculator
• Save your search and calculations
• View tips and news

Cons

• Some have experienced crashing and other bugs

Final Words

The Mortgage Calculator & Mortgage Rates by Bankrate app for your iPod touch, iPad, and iPhone provides you with quick information regarding mortgages. This can be really handy while out and about while you check out homes or just to answer questions you may have about current rates.