Although it was a simpler process to refinance a mortgage than applying for a new loan, many homeowners are not sure about the potential savings from refinancing mortgages. Indeed, whether you can save money depends on the new interest rate, new loan term, new repayment, when to refinance, and the consideration of resale.
Majority of homeowners would need to see savings of more than $2,000 a year before they would consider switching loans. I can definitely say if you shop around you can save much more than $2,000 per year.
I believe not many people bother to refinance their home loans is because there isn’t a decent refinance home loan calculator that can help people in making the decision. I built this free mortgage refinance home loan calculator to help homeowners.
This free mortgage refinance calculator accommodates variables such as:
1. interest rate;
2. repayment frequency;
3. years already paid;
4. resale plan;
5. new loan setup fees;
6. existing loan exit fees;
This refinance mortgage calculator also presents two scenarios:
1. pay minimum repayment on the new loan;
2. continue paying what you are paying on the old loan;
I believe this is so far the best free refinance home loan calculator on the market. You can download a copy at:
http://www.investmentpropertycalculator.com.au/free-mortgage-home-loan-refinance-calculator.html
If you have any questions regarding this free refinance calculator, please contact me by using the “Contact Us” form on my website.