Refinance Comparison Calculator
Many homeowners are aware of how the calculations work for mortgages. Shorter terms mean lower interest rates and big savings, but also higher monthly payments, which are often not feasible for homeowners.
However, when interest rates drop, the total amount homeowners owe on their loan drops too — sometimes low enough for them to shorten the term of their loan without increasing their monthly payments. Closing costs and other fees are factors in this equation, and our loan refinance comparison calculator figures this in.
Best Mortgage Software
Our goal in creating Clarity Quote was to make the task of monitoring saving opportunities for your friends, family, and past client database easier for you and them. On any given day, any number of clients can come to you asking if now is a good time to refinance. You can take the time to run the numbers, but we have an easier way.
Mortgage interest rates change every day. Technically, they change during the day as well. Our point is, mortgage rates are a moving target. If they’re falling, should your client move quickly, or wait to see if they fall further? If they’re rising, should they shelve their plan and if so, for how long?
With Clarity Quotes’ mortgage rate tracker, you’ll have the answers.
Breaking Down the Options
If your client currently has a 30-year term, they may be able to shorten it to 25 or even 20 without paying more each month, depending on the difference in interest rates. By going down to 15 years, they could save even more on the interest rate. Changing from a 30-year term to a 15-year term is a pretty big leap, but even if the monthly costs are more, they may be affordable for your client.
For instance, if your client pays $150 more a month, they may be able to significantly reduce their term. If they can’t afford an increase, you can show them how refinancing with different terms can mean they can pay their mortgage off early by making the same payment, or they can keep their same term and shrink their monthly payments.
The beauty of Clarity Quote’s mortgage software is that it lays out all your clients’ options in one place so they can easily compare them. Even better, we help you draw conclusions as well, and let you know when the savings aren’t significant enough to justify a refinance. But we also keep an eye on the scenario — daily — and let you know if and when things change. When you get the alert from us, you can tell your client right away, so they can get moving on their refinance.
Best Place to Refinance a Mortgage
Many of your clients are Googling the best place to refinance a mortgage, but you want them to come to you. Set yourself apart from the others with Clarity Quote’s mortgage software. Contact Clarity Quote today to find out more about our mortgage software, including our mortgage rate tracker and loan refinance comparison calculator.