Mortgage Refinance Calculator
Get your mortgage in order by using a mortgage refinance calculator to better determine your best option for a refinance. With a few simple calculations, you can practically predict your future mortgage costs and create a budget suitable for your needs. You will even learn how today’s mortgage rates will affect your overall mortgage balance. Here are some reasons to use a mortgage refinance calculator.
One of the core requirements as a borrower is your need for accuracy. It’s one thing to get the opinion of a lender but it’s whole other value to simply put in some numbers on a website to make an educated analysis. If you’re in a home and looking to refinance, see what each company has to offer and then make some quick calculations with a mortgage calculator. Here at Refinancey, you can take a look at your current mortgage amount and get a good view of what could change from current and future interest rates. There is an old saying favored by accountants and bankers alike, “Men lie, women lie-– numbers don’t.” While your information may not be 100% correct, it is pretty darn close and you won’t have to worry about using so much excess paper or talking to a lender for hours upon hours just to discuss “what if” scenarios.
The Best Decision is Your Decision
Consulting a lender will always be a great boon for any refinance, but being able to critique and analyze different refinance scenarios is like adding some good ol’ vitamin D milk to your Wheaties. Doing the groundwork yourself puts you steps ahead of the pack, who typically arrive at a lenders office for a conversation about mortgages, completely green. This makes them liable to become fish food for a lender who’s really sharp. Using a mortgage calculator not only helps you stay well informed, but it saves a lot of time too because you will be able to narrow down which lenders will provide what you need. Why speak with 10 mortgage lenders when half of them don’t even have a ballpark figure of what you need for a refinance? It’s a waste of time especially if you end up neglecting other companies who have better rates. By relying on yourself instead of a lender, you can negotiate better because you clearly have knowledge most borrowers don’t possess (or know you have).
It’s a Great Way to Compare Different Rates
Rates are very tricky and subject to change with the market. Of course we like to see a bit of stability in rates, but even then there will always be a catch.. Not only should you compare the interest rates of other companies, but you should also scrutinize the costs (origination fees, closing costs, and homeowner fees). Some lenders may require a specialty fee such as home insurance for natural disasters like earthquakes or floods. A mortgage refinance calculator will help you take into affect a lot of these costs and you’ll better determine which company is worth dealing with in due time. Accounting for every cost is essential because you if you don’t you might unknowingly opt for a fixed rate that requires a higher mortgage base, or a refinance with a variable situation where the rates fluctuate up and down after a few years. A mortgage calculator allows you to create a timeline of costs so that you won’t have to guess.
Knowledge is power. If you have any general questions about what’s the best refinance option, use a calculator to do a preliminary search. The great thing about this tool is that you don’t have to be at home or at work to do the calculations. Any free moment you can spare, you can open a calculator app on your mobile phone. If a specific company you’re looking to do business with has a mobile site, chances are there’s a mobile app involved. A lot of mobile apps have great ease of use and most are free. This doesn’t put a burden on you to go directly to a lender (which could come as a consultant fee in certain cases). It’s better to be proactive with your mortgage especially in regards to market change. What better way to do that than using a mortgage refinance calculator? Think of how much you could save just by using a free mortgage calculator online. Look at the table and input your principal balance, your interest rates, and the amount of year for your mortgage. This will certainly help you keep things organized.
Take a look at the mortgage calculator here on the site to do some of your own calculations. You’ll be happy you did because it’s easy and efficient. You can compare different rates with a number of lenders in no time!