Mortgage Calculators Explained In New LoanLove.com Article -- SAN DIEGO, June 9, 2013 /PRNewswire-iReach/ -- SAN DIEGO, June 9, 2013 /PRNewswire-iReach/ -- LoanLove.com has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they will love. With this in mind, the team at LoanLove.com recently released an article explaining the uses and benefits of mortgage calculators when searching for the best possible mortgage rates and payment structures. While these types of calculators are certainly not the last word when it comes to finding and choosing the right loan, they do enable home owners to get a good idea of what types of loan options are available to them and which would fit their budget and lifestyle the best. One of the biggest benefits of loan calculators is that they allow the borrower to "try on" different loan scenarios. By simply filling out a few details, a home owner can easily find out how much they would be expected to pay monthly for a particular loan structure. The borrower would only need minimal data to use these calculators - typically the amount you they to borrow, the loan term and the interest rate; if they have an idea of how much property taxes they would likely pay or a rough idea of home insurance costs, so much the better. They can simply enter in the data and the calculator will reward them with their monthly projected costs and can even provide a complete amortization schedule. Aside from the above mentioned benefits, loan pre-qualification calculators are also useful when trying to determine what loans the homeowner's financial and credit situation qualifies them for. This can avoid a lot of frustration for borrowers and allows them to find out whether or not they should pursue a particular loan options within a few short minutes. Another of the big benefits of mortgage calculators is that borrowers will not need to feel pressured into making any decisions about a loan, which would normally happen when dealing with actual loan officers. They can simply take their time and check out their options at their own leisure. The Loan Love article says: Because it's a calculator, you can take your time to run different scenarios as you get more information or as new ideas occur to you - even in the middle of the night, which seems to be when most financial pondering occurs. You can do all of this on your own time and at your own pace: Unlike a human, a calculator isn't going to tap its foot, gaze meaningfully at a clock or begin shuffling papers to make you move faster. It's a no-pressure way to gain a clearer understanding of what's going to work best for you, in terms of the rate, the term and even the amount of house you can actually afford. For more information on mortgage calculators and how they can help home owners to find loans that they will love, visit LoanLove.com for the full article. RELATED LINKS http://www.loanlove.com