Genre: Instruction

ho-me-refinancing.com How to Use a Mortgage Loan Calculator Part 1 When you negotiating a new loan with bank or lender having a mortgage loan calculator can give you a great help , if you refinance of course you want the best rates you can get . Now , how can you know which lenders are giving you the best rates . Yes , you will know that all only by compare the offers you will get from these different lenders . Basically , there are 3 common question that people always ask when they want to take a mortgage . In these cases using a mortgage loan calculator can help you make the decision 1 . Should I Refinance ? Before you answer that question yourself , you need to determine you goal first . Example determine which repayment term are you prefer . A short term , so you can pay off your loan sooner . Or a long term , so you can reduce your monthly payment . Case : If you had a 25 year mortgage loan at 5 % interest , and for the last 3 years you 'd been making monthly repayment for this mortgage . Now , you want to reduce your monthly repayment . You can do this by refinance to a new 25 years period and we assume that interest rate is 4.5 % . In this case , you did reduce your monthly repayment but in long run you could end up paying more , even if the interest rate is drop . But you never know that until all the closing fees are factored in . A mortgage loan calculator can give you a great help in this . There are places to input all the closing fees and expenses you will pay in a mortgage loan calculator ...