SAN DIEGO, June 26, 2013 /PRNewswire-iReach/ -- LoanLove.com has a mission to help consumers and borrowers alike in obtaining the latest information on mortgage lending trends, the real-estate market and the U.S. financial landscape for the purpose of helping them obtain a home loan they love. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals. To fulfill this goal LoanLove.com is continually updating their website with new articles and guides. A recently posted article on LoanLove.com explains how borrowers can use a
The article explains: "Easy to use and faithful to the end, a loan calculator is all about YOU and your unique needs. OK, OK, so getting that excited by a mortgage calculator may seem like an excursion deep into Nerdville, but listen up:
Loan calculators really are incredibly useful and they can help you "try on" different loan situations so you can get a real idea of what your best options are likely to be, based on your budget and income. They really are easy to use, too: You only need minimal data to use these calculators – typically the amount you want to borrow, the loan term and the interest rate; if you have an idea of how much property taxes you'd likely pay or a rough idea of home insurance costs, so much the better. Punch in the data and the calculator will reward you with your monthly projected costs and can even provide you with a complete amortization schedule – that's mortgage-speak for a chart that shows you what your mortgage balance would be as you make payments over the life of your loan or, in the case of an ARM, until the initial adjustment occurs."
These
loan amortization calculators can show those who want to refinance just how much they would be saving with each refinance option. This is great news for many homeowners, especially now with the continued low interest rates homeowner in the United States are currently enjoying. But while interest rates remain low (in large part due to Government programs aimed at helping the economy recover from the financial crisis) these low rates will slowly begin to rise. Thus those who wish to refinance their homes will find no time like the present to do so. Loan calculators are simply an easy way for homeowners to find out which refinance structure would be best for their situation and needs and how much they could save by refinancing to a lower rate and/or shorter loan term.
Overall, these
loan calculators can be a big help for homeowners seeking to refinance. However, as the article points out, there really is no substitute for advice from an actual mortgage professional. Calculators are great for giving borrowers a rough idea of specific scenarios, however to get a more accurate picture of all options, they would need to speak with an experienced mortgage professional who can perform a more detailed review of their circumstances and make sure they get the best deal possible.
For more information on
refinance savings calculators, please visit LoanLove.com for the full article.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401,
contact@loanlove.com
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