Bankruptcy : New Federal Mortgage Comparison Calculator Aims to Educate Prospective Homebuyers

With foreclosure levels reaching scary heights in the United States, it has become more and more common to hear about horror stories of mortgage fraud and predatory lending practices that have left homeowners unable to pay monthly mortgage payments and on the edge of financial desperation and even bankruptcy. With that said, the Federal Reserve Board has introduced a new mortgage calculator that would ultimately allow prospective homeowners to make more educated purchasing decisions and determine what their monthly payments would be years from now. Specifically, this mortgage calculator would allow homebuyers to compare the monthly payments and equity buildup of several different loan products over time, including 30-year and 25-year fixed-rate mortgages, interest-only fixed-rate mortgages, adjustable-rate mortgages, interest-only ARMs and payment-option ARMs. Learn more about this new federal mortgage comparison calculator here.