Everyone has a dream home but a home is a costly affair. It is not easy for an individual to purchase a home by cash. Hence, a mortgage loan is usually taken out for a home by an individual.
A mortgage template can contain a lot of useful information for the homeowner to track his loan. It will help him not to miss a repayment which may result in a penalty on his loan. If it is an electronic mortgage template, it can include formulae for computations of various types of figures in the loan.
A mortgage template can record:
* Loan amount
* Interest rate
* Extra payment
* Mortgage summary
* Fixed rate or ARM
* Tax deduction
* Length of loan
* Monthly payment
The mortgage template can also compute the balance payment of the mortgage loan by inputting the loan amount, interest rate and duration of loan (years). This column will allow the homeowner to note the outstanding periods and amounts of payment; hence, he can budget properly every month.
Mortgage loan borrowers are always happy to note the decreasing quantum of outstanding repayment on their mortgage loan from this mortgage template.
You can always refer to the mortgage amount paid for any year or identified the total taxes or interests incurred on the loan. A mortgage template can also include charts based on the above pieces of information to formulate diagrams of your mortgage loan.
Consider the attached sample template for your convenience.