Mortgage Refinance Calculator
Refinancing your home has never been easier with our mortgage refinance calculator, designed to help you compare the cost of negotiatinga new loan agreementwith different interest rates and terms. By providing basic information about your current mortgage loan you can explore the many options available.
Savings from Mortgage Refinancing
What Does It Mean To Refinance My Mortgage-How Does It Work?
Your original mortgagewas set up based on a specific loan agreementthat included a loan amount, interest rate, andlength or term. In order to get better loan terms you have the option to refinance your mortgage loan. It is possible to either renegotiate your present mortgage loan with your existing lender, or payoff that loan and take out a new mortgage loan.
Why Should I Refinance My Mortgage?
There are several reasons you may choose to refinance your home mortgage.
Lower Interest Rates
As interest rates fall many people explore mortgage refinance as a way to lower monthly payments and save thousands of dollars. With many competitive loan products available, there is no reason to stay locked into a high interest mortgage any longer.
Credit Score Improvement
If you took out a mortgage at the time your credit scores were low chances are you didn’t get the best interest rate. Once your credit scores improve however, you’re entitled to benefit from the improvement by renegotiating your mortgage interest rate through refinance.
Shorten Or Lengthen Loan Period
Some homeowners choose to refinance because they want to shorten or lengthen the loan period. Many people want to payoff their home loan sooner, so they refinance their mortgage to make higher monthly payments than they previously did.Others may need to lengthen their loan term to lower monthly payments because they need the cash.(This can mean paying more money in the long run, but frees up funds in the present).
Change In Life Circumstances
Major changes can occur that require the need for a mortgage refinance. These may include loss of employment, early retirement, divorce, or death of a spouse. Mortgage lenders work with homeowners everyday to make payments more manageable for those facing difficult life circumstances.
My Mortgage – Should I Refinance?
When making a decision about whether to refinance, there are several factors to take into consideration. Overall however, the main goal is to save money so that you can make the best decisions that directly affect your financial future. Not all mortgage refinance loans are the same however. Many offer different interest rates accompanied by various fees and percentage points. That’s why it is critical to shop around for the absolute best terms that meet your mortgage refinance needs.
While we make every effort to ensure the accuracy of the mortgage refinance calculator tool, we are not liable for damages, whether monetary, incidental, consequential or otherwise in connection with its use. The calculator tool is not intended as a replacement for professional independent financial advice.