Refinancing Calculators Galore!
I think all the calculators you'll ever need can be found at Bankrate. While I can find all that I require there and am used to the site and can negotiate through the mass of data the site contains, you can also find refinancing calculators at most of the lenders sites like eLoan as well. So pick whichever suits you best and go to it.
The calculations you'll need to include, at least, the following:
- The relationship of your mortgage debt to the value of your home. (if you don't know the current value of your home and in some regions that's changing radically and quickly over time, you should try one of these sites Yahoo's Real Estate/home value or Zillow)
- The relationship of total debt to the value of your home
- The relationship of the refinanced debt to your gross income
- Mortgage payment calculator
- How much home can you afford?
- savings from refinancing
- How much will refinancing cost you?
- Comparison of financing with fixed rate and various adjustable rates
The Bankrate site has a number of other useful data for your due diligence checks. The mortgage and home equity markets are listed by region and Sate. You can see competing rates and costs for individual States and these can be ranked by the various criteria, rate, cost etc. The trends of the credit markets including fixed and adjustable rate markets are listed and the trends over time graphically portrayed.
It is doubtful that you will need much more to evaluate your likelihood of being able to refinance your ARM and get a fixed loan at an affordable rate.All the major lending staffs will answer your detailed questions about their application process. be careful to avoid mortgage brokers and lending portals who depend on creating deals for their lenders with the most favorable economic terms to their institution. You are the lead negotiator in this process and if the prospective lender will not supply adequate answers to your legitimate questions, drop them and move on.
Other sites run by the Federal and Sate Governments may be helpful to you. One of these if the FTC site "The Truth about Mortgages. That one is worth a look to see anything that is happening in the markets currently y of which you need to be aware. The fairness in Lending site run by the Federal Government but it tends to be concerned with championing people who have suffered from consumer rights abuses. Since, i want you to avoid those before you begin, stick with doing a lot of homework and being totally sure you have the right deal for you.
Caveat emptor!
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