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March 30, 2007, Newsletter Issue #57: Using an Mortgage Savings Calculator for your Refinance
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Tip of the Week
If you are in the middle of a refinance loan on your home, you would benefit from a savings calculator that can evaluate the change in your bills. Before you get too deep into the lending process, get a clear picture of the differences that will be made. The best way to do this is by comparing your present bills to your new ones with a refinance savings calculator.
Let's say that you presently have a mortgage and other bills that total $1000 a month. With a mortgage savings calculator, you can plug in your new mortgage rate, balance, and term of length to get a clear picture of what you are saving. This tool is invaluable when comparing the offers of different lenders looking to provide you with your refinance loan. You can find mortgage savings calculators for free on the Internet. Check out our sponsor and other lending websites to get the advantage of knowing what you are getting into with your refinance loan.
Make sure that the numbers you are seeing on your estimate from your broker or loan representative match what the calculator reads. If the refinance is a smart and timely one, you will like what the savings calculator tells you.
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