MortgageBloom.com is a web application which helps home buyer calculate the mortgage rate of their monthly payment.Owning a home and a car is a dream of millions of people all over the world. However, when we get a chance to make the move and purchase the dream home, understanding the mortgage market in detail is very essential. This understanding will help you make the right choice without being bogged down by technical jargons in the financial sector. A mortgage is basically a type of loan which is granted by a bank or mortgage lender.
Your house will serve as a collateral (security for the lender). An interest amount will be charged by the lender for the principal borrowed. The monthly interest will comprise of the principal amount and the interest rate for the amount borrowed (the interest will be determined by the lender and the mortgage market). This process helps in repaying the principal amount over a fixed period of time, and is known as amortization. The monthly interest payments are designed in such a way that the person who borrows money will pay large amounts in interest during the early years of repayments and the principal later.
Acting as a mortgage calculator, Mortgage Bloom helps in identifying the best interest rate suitable for the user in an effortless manner. The website also helps the home owners understand the mortgage process in a detailed fashion. The users will be able to identify their payment options just by typing in the Home Payment button and the amount of their Down Payment. The down payment option also shows the percentage value against the cost of the entire home, for e.g. 20%, 30% etc. of the total home cost. Users can also make use of the slider option, where they can slide and set the value for the home cost and down payment in a convenient manner. Then the monthly payment amount along with the interest rates and the types of the product will be displayed.
ü The website design is clear and uncluttered; this helps the users concentrate on the essential stuff like calculating their mortgage interest right away.
ü The easy to use slider menu can be moved to set the home cost and down payment amount in no time.
ü The website provides fixed and adjustable rate mortgage options for the users in no time.
ü The fixed rates are displayed for a 15 year period and 30 year period.
ü The website also has a forum in which a number of useful topics related to the mortgaging market are discussed to helpincrease the understanding of its users.
Mortgage Bloom website helps first-time homeowners, potential byers as well as anyone interested to calculate their mortgage rates in the quickest possible way. The website also provides information on the mortgage process which helps home owners understand the mortgage process and its related market without any fuss.
Good – Easy to use
Bad – None
Worth Having Application : Download the App