Bills.com Launches New Mortgage Calculator
New mortgage calculator makes it easy to see how you can save money
SAN MATEO, Calif. - Sept. 8, 2010 - As mortgage applications rise and interest rates continue to hover at record lows, many current homeowners are faced with the question of whether or not to refinance, some for the second time in a year. To help, consumer money resource Bills.com today introduced the industry’s most powerful mortgage calculator that can evaluate up to 30 different combinations of factors to provide a simple "yes or no" recommendation based on each homeowner’s unique situation and goals. This simple and intuitive calculator is so easy to use that it does not require homeowners to have any knowledge of current mortgage loan rates or costs. It combines the functionality of many traditional calculators into one tool that delivers a customized, easy-to-understand recommendation and analysis alongside detailed savings graphs and charts. "We have built the industry’s most powerful calculator but with an intuitive, transparent, and no-pressure interface," said Ethan Ewing, president of Bills.com. "This is the absolute best way for homeowners to quickly and effectively evaluate the potential merits of a home refinance." A frequent recommendation of the calculator for early users has been to consider an Adjustable Rate Mortgage (ARM). Given the unique interest rate environment, record low rates make an ARM a compelling option for many homeowners with a short-term loan horizon that are interested in lower monthly payments.
How it Works
Leveraging real-time feeds and technology from its acquisition of Home-Account, the new Bills.com Mortgage Calculator provides consumers with an easy, transparent, and information-rich way to evaluate the potential benefits of a home refinance. Based on a borrower’s personal situation, including their home value, loan amount, credit score, state, and property type, the tool determines whether the borrower will qualify for a loan and the rate, payment and closing costs that will likely to be available to them. Then, using proprietary algorithms weighting factors such as the borrower’s time horizon, goals and the quantifiable benefits of a refinance, a "yes or no" refinance recommendation is made. This recommendation is accompanied by a detailed graphical analysis of the new loan versus the existing loan. Homeowners can also adjust their priorities within the recommendation to compare different scenarios. For those who wish to review lender offers, Bills.com can then help screen potential lenders based on the stated priorities to return customized offers.
New Mortgage Tools
The new Bills.com Mortgage Calculator is the first in a series of new mortgage tools that will be introduced over the coming months. All will be industry-leading tools designed to give consumers simple, actionable advice based on real-time rates and expert insight. This first calculator was introduced early to help homeowners who might be considering taking advantage of record low interest rates. "This is a once-in-a-lifetime mortgage rate environment and it’s important that homeowners have access to a very simple, no pressure way to determine if a refinance will even save them money in the long run," continued Mr. Ewing. To learn more about home refinancing, to find the new Bills.com Mortgage Calculator or to ask a question of a Bills.com expert, visit Bills.com and its interactive set of financial tools at .