How NOT To Use The Refinance Calculator

A lot of would be mortgage refinance shoppers search the internet for the best mortgage refinance calculator or a refinance mortgage loan calculator in hopes that it will provide some magic numbers and make sense of an otherwise messy refinance experience.

You’ll find that the usefulness of the home mortgage refinance calculator can be before and even during the loan approval process.

The best use of a home refinance loan calculator can be noticed when using the figures to compare loans in terms of interest rate AND closing costs - often when you make these specific comparisons you’ll get the maximum value of the refinance calculator.

Poor uses of the calculator for home mortgage refinance shopping is when you believe the low advertised rates and plug them in only to be mislead by the seemingly low payment.

You should only use the calculator tools as a springboard to determine when and if the financing makes sense, such as when closing costs differ from lender to lender. Same goes for comparing local taxes and items such as home owners insurance, etc.

You can find the best mortgage refinance calculator on our “Refinance Calculator” resource page.