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Use a Refinance Mortgage Calculator To Determine Which Route Is Best
Refinancing your home loan may not be the most feasible option for your situation. This is because rates may not be at the right level to make this option affordable for you. A home equity loan may actually make more sense if your interest rate is already low and you are going to be living in your home for a number of years. It may also be a better option than refinancing, as the home equity loan doesn't come with the significant closing costs that a refinance does.
There are many resources which can help you identify which option will make the most sense for your unique situation. One of these is the refinance mortgage calculator. This tool can show you just how much you can save by refinancing your mortgage. In addition to calculating costs, it's also important to understand the risks involved with each option so that you lose as little money as possible.
Article Posted by Expert Author: 3 on 12/13/2013
Article Posted In: Refinancing a Home Mortgage
Plan for Tomorrow but Consider Next Year – When to Use a Refinance Home Mortgage Calculator
Financial security is of the utmost importance. The stress of being behind on bills or unclear about future finances can literally keep you up at night, and the rest of your life will be greatly benefited when you're able to say that you are on firm financial ground. One of the questions homeowners often ask on their way to financial security is whether or not now is the time to refinance or if they'd do better to wait. Of course the first thing to consider is whether or not you expect interest rates to go down. Currently they're at all-time lows so it's a safe bet that you won't get a better deal a year from now.
The other consideration is whether or not lowering your interest rate will have a huge impact on your bottom line. A small reduction could have a big impact over the course of your loan, but in other situations it won't. Use a refinance home mortgage calculator to discover just how much you can truly save. Just enter the information available about your current mortgage, write down the info, re-do the calculator with the lowered interest rate, and then compare the interest you'd pay over the course of the loan.
Article Posted by Expert Author: 3 on 11/01/2013
Article Posted In: Refinancing a Home Mortgage
Your Mortgage Refinancing How To Lesson
Refinancing your mortgage doesn’t have to be a huge headache. Following this mortgage refinancing how to you’ll be able to negotiate with your bank stress-free and end up with a loan that truly meets your needs.
The first thing to do when considering a refinance is to think about your goals. Do you want to get into a different type of loan? Maybe you want to be able to get a lower rate without affecting your equity. Whatever your reasons, it's important to stick to your goals, even when a lender or broker is trying to convince you to do otherwise.
Doing a 'break-even analysis' is a good way to get an idea of the numbers. Try dividing the cost of your loan by the savings you will realize. That resulting number is the number of years it will take you to pay off your mortgage. If you think it will take you longer than that number to pay it off, then refinancing is a definite option for you. If you think it will take less time, then refinancing is likely not worth it.
Choosing The Right Broker
The next step in the refinancing process is to choose a professional who both knows what they are doing, and are ethical. The proper licensing will indicate that a broker is qualified to provide those services to you. In addition to licensing, any good broker will always put your best interests first.
Getting everything in writing is another thing that any good broker will do. This means being willing and able to record closing costs and fees. This kind of good-faith estimate allows you to know exactly where you will stand financially once your refinance is complete.
Getting Your Home Appraised
The home appraisal is an integral part of the refinancing process, as no refinance can happen without it. Your lender will usually have their own list of approved appraisers, which means you don't have to go through the process of researching appraisers, which can save you lots of time.
The appraiser will look at similar properties to yours that are in your area when coming up with a number. As well, they may visit your home to inspect it and determine its value. In cases where a home's value is appraised at a lower price than expected, the loan-to-value-ratio is usually increased. When this happens, a homeowner is said to be of higher risk, and so will pay more to refinance.
Other Tips For A Successful Refinance
Although you may be tempted to believe advertised rates, don’t. These are not always accurate. Another tip is to know and understand which factors influence the amount of your mortgage. It isn't always enough to just incorporate one or two factors. A good and thorough calculator can help you with this.
The most important mortgage refinancing how to- know what loan you want prior to walking into the negotiation. Use the above-mentioned calculator to get a solid number on your proposed refinance.
The requesting of multiple quotes is strongly urged by many in the refinancing business. Getting quotes from multiple companies gives you great negotiating leverage. Learning the right mortgage terms is also important, because walking into a negotiation and not knowing the lingo can mean much more time is spent than needs to be on the refinancing process.
Following even a single mortgage refinancing how to list can spell the difference between negotiating success and failure.
A home mortgage calculator is a useful tool from start to finish. When you are shopping for a home, refer to the calculator to determine what type of loan your budget will bear. Then, as you are looking into interest rates, you can determine if you wish to purchase points, or adjust the number of months you wish to pay off your loan.
Look to a Mortgage Interest Calculator to Make Informed Refinance Decisions
Refinancing is tempting in any situation. After all, who wouldn't like to save a little money in the short term and save a ton in the long term? However, the reality is that refinances don't always save you tons of money. In fact, they can sometimes cost money. For example, the fees associated with refinances can be quite high. If you still owe a lot on your home or plan to be in it for many years, then these fees can be easily offset by the savings you'll achieve. However, in other situations, the savings can be minimal or nil.
Luckily there are tools out there that make it simple to see if you're truly saving money. A mortgage interest calculator allows you to plug in the info about your home and see how much you'll be paying on interest over the course of your loan. Then simply do the math again, but this time with the new interest rate. You can then compare the lifetime savings to the costs of refinancing. Many people find it isn't worth it for a few hundred dollars, while others will find that they'll save a significant amount and it's well worth it.
Article Posted by Expert Author: 3 on 09/04/2013
Article Posted In: Refinancing a Home Mortgage
The Truth About Refinancing – When to Take the Plunge
If it were free to refinance then everyone could simply do it once a year and be sure they were always getting the best deal. However, there are fees involved – which could be significant – and it's also quite a time consuming process. So the question always remains – when is it worth it to take the plunge? First of all, ask yourself why you're refinancing. Once you've established why you're doing it you can often decide if now is the right time. For example, if you want to take advantage of a housing boom in your area then time may be of the essence.
Next you want to think realistically about current market conditions. Luckily, there are many tools at your disposal that can tell you a lot about how much you'll likely to save, how much it will cost, and whether or not interest rates are likely to rise or go down in the near future. Of course you'll also want to consider the current value of your home and whether or not it's likely to go up or down. A refinance home mortgage calculator could be a great tool to help you make the most informed decision about your next move.
How to Save Money On Your Mortgage Loan Payment
For most Americans, the monthly rent or mortgage payment is the largest expense in our lives. As a result, if you want to make the largest impact on your budget it only makes sense that you'd start with your mortgage. Many people feel stuck and don't realize that there are actually a few ways you may be able to reduce your monthly mortgage loan payment. First of all, find out if you're eligible to refinance. Remember that there are fees involved so be sure that if you're given an offer to refinance that you'll be saving more than it will cost you to refinance.
If you're not eligible for a refinance or you find that it simply doesn't make financial sense, then consider making a large payment toward your principle balance. For example, use your tax return or a small inheritance. Instead of purchasing a new car or TV, make that payment against your mortgage. This will lower the overall balance due, which will make it easier to get a refinance. You could save a significant amount of money not just on your monthly payments but on the amount of interest you pay overall over the course of the loan. You can determine your optimal option by plugging in numbers to our online calculation tool. By seeing the actual numbers in black and white, you can ascertain whether a refinance is right for you.
Is a 7/1 ARM Right for Me?
Figuring out whether a home mortgage calculator 7/1 ARM tool is the right one for you to use you need to first figure out what sort of rate you want on your mortgage- fixed rate or adjustable rate.
Cracking the Puzzle
To figure this out you need to first develop a decent understanding about the differences between these two types of mortgage rates. Fixed rate mortgages are good to get if interest rates are rock-bottom when you first sign up for your home loan. They are also useful if you want as simple a rate as possible, one that won’t change and that you can just “set and forget.”
Adjustable rate mortgages offer their own suite of benefits, but these benefits tend to be a little more complicated and also open you up to some potential downsides. Which just means if you’re interested in an adjustable rate loan you just need to do some research and tool around with a home mortgage calculator 7/1 ARM for a little bit first.
Making sense of how various loans are configured is a good first step in making the best choices for your particular situation. Make sure you understand both your short and long term goals, as well as what types of loans are available to you. Then using your home mortgage calculator, you can determine the right scenario for you.
How to Get the Best Possible Terms on Your Home Loan
There are plenty of tips and tactics you can implement to get the best possible terms on your home loan, and that’s true whether you already have a loan or if you’re about to sign up for your first mortgage.
If you already have a loan decide whether you want to refinance and replace your existing mortgage with a new lender, or stick with the same bank. You'll want to compare any fees they charge for a refinance, plus their current rates as compared to other banks. You'll also want to consider whether you want to change any terms such as the duration of the loan, or whether you wish to purchase any points to reduce your interest rate.
Put your good credit or your good payment history front and center in your negotiations.
- Use a good home mortgage calculator to determine what terms will best meet your needs before you step foot in your lender’s office.
Can I Really Calculate a Mortgage?
Do you feel intimidated by the thought of trying to figure out how to calculate a mortgage? If you do you’re not alone. Lots of people, in fact most existing or potential home owners, don’t believe they could ever work out the details on their mortgage.
You’re Wrong- You Can Calculate a Mortgage
Anyone with an hour of free time can run the calculations on their existing or prospective mortgage as many times as they want to, simply, easily, and without incurring any major headaches. All they need to do is get together the right values related to their mortgage (principal, interest rate, length, taxes, insurance etc,) and the right tool to do the calculations.
With this tool and these values, and a good step-by-step tutorial, absolutely anyone can calculate a mortgage who wants to. And considering the huge benefits of running mortgage calculations on your own, this is a very good thing. We have provided a home mortgage calculator free of charge to assist you in this process.
Is the Fed About to Switch Up Mortgage Interest Rates?
If you’re looking to take on a new mortgage or if you’re considering either renegotiating the terms of your existing mortgage or refinancing the loan altogether, then you need to pay attention to the news in the coming weeks as the Feds may be making some big buys in response to recent news regarding the relative yields on big-name mortgage securities.
Bloomsberg Businessweek reports that the relative measures attached to Fannie Mae and Freddie Mac’s home loans dropped to lowest they’ve been in five years. This is distressing enough news on its own, but made worse by the fact these relative yields tend to be the guiding force for the rest of the mortgage market. In response the Fed is likely to buy up more bonds and continue with their promise to keep rates for borrowing as close to zero as possible, but until the Fed makes an official announcement it’s too soon to tell how they’ll respond to this troublesome news.
The good news in all of this is that interest rates for borrowing remain at historically the lowest prices ever. This will bode well for anyone who is able to purchase a home for the first time, or who is able to refinance their existing loan. Check out our home mortgage calculator to do the initial homework and determine how taking action might impact your budget.
Why Aren’t Mortgage Refinancing Gains Stimulating the Economy?
Home owners have seen a nice little boom from mortgage refinancing over the last couple years, but in a recent article in Bloomberg analyst Cheyenne Hopkins wonders if this new influx of cash will actually see its way to benefiting the U.S. economy anytime soon.
Mortgage Refinancing= Big Cash Flow Gains
One of the biggest reasons home owners refinance their mortgage is to free up additional funds and increase their positive cash flow. Refinancing a mortgage offers a way to either reduce monthly payment rates or build home equity faster, both of which are usually seen as good for consumers and the economy at large.
But these days home owners are funneling their gains from a recent refinancing rush into savings and across-the-board debt reduction. While Hopkins may see this as a bad thing, overall the more stability Americans can create in their financial life the better, and intelligent mortgage refinancing allows just that.
At http://www.home-mortgage-calculator.com/, we strive to provide the consumer with useful information on the industry to enable them to make wise decisions regarding their personal finances, particularly as it relates to taking out a new loan, or refinancing an existing one to achieve better terms. Our online resource is free to use.
Refinance Home Mortgage Calculator Savings to Expect
Sticking with the terms you accepted when you first took on your home mortgage is usually a fool’s game. It’s never too late to renegotiate with your bank, and using a refinance home mortgage calculator will help swing the talks in your favor.
Will a Refinance Home Mortgage Calculator Help Me?
There are plenty of situations where one of these calculators will give you the edge in your negotiations with the banks. If you want to grab a better fixed rate mortgage or determine if you could set superior caps on your ARM, if you want to build home equity faster or alleviate your monthly payments… no matter how you want to renegotiate your loan, one of these calculators will help you make the right decisions.
When it comes down to it a home mortgage calculator will help YOU call the shots on your home loan and make sure you get the loan that best meets YOUR needs, and not the banks.
Is Now the Time to Refi? Check Out a Refinance Mortgage Calculator
Now may be the perfect time for you to refinance your home – or it might benefit you to wait a few years. While the current market will have an impact on the right time to refinance, there are also many other factors that have to do with your own situation. A refinance mortgage calculator is the simplest tool that can give you a ton of information. You simply answer a few questions and you can instantly find out not just whether or not you could save every month but how much you could save.
Remember that finding out if you can save money is only part of the equation. Sure, you may be able to knock a hundred or so dollars per month off your mortgage – which can certainly free up some cash on a monthly basis. But at what cost? There are fees associated with refinancing your home, and if those fees are high and the savings on your monthly payments are low, then it may not be worth it. Be sure to also consider the climate in your current neighborhood. Have home prices dropped but are expecting to rise again? The long term investment potential for your home will have an impact on whether now is the right time to refinance.
Categories: Home Mortgage Calculator, Refinancing a Home Mortgage, Useful Tips and Articles, Consumer & Industry News, Mortgage 411,