Gregg Marcus from Somerset Mortgage Lenders wants to arm consumers with tools to make getting a loan an easier and more enjoyable experience. With this in mind, they have set up this very useful refinance savings calculator, available at no cost by going to http://www.somersetmortgagelenders.com/Mortgage-Calculator/MortgageRefinanceCalculator.aspx

The refinance calculator above shows you if it makes sense for you to refinance your home loan in the first place!

When making the decision regarding refinancing and using this refinance calculator, you need to consider a couple of things.

1. How long do you plan to live in the home?

2. How much will it cost you to refinance your mortgage loan?

Once you know these two things, you can determine if your accumulated monthly savings from refinancing will be enough to recoup the costs of refinancing your mortgage loan.

Keep in mind however, that this calculator will assume that you have made all of your mortgage payments on time, as scheduled.

If you have made a couple of larger than normal payments to pay-down the loan principal, or if you have made some late payments, your actual loan balance on your current mortgage loan could be different.

Also remember that this calculator only addresses the principal and interest (P&I) part of your loan, not any real estate taxes or insurance that might be part of your monthly mortgage payment.

Hope this helps!

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SOMERSET MORTGAGE LENDERS
Specializing in: purchases, debt consolidation, divorce buyouts, loans for home improvement, mortgages, refinancing existing loans, reverse mortgages, FHA loans & more

Get a free rate quote now at http://www.somersetmortgagelenders.com or call 1-800-675-9783 to speak to a LIVE Loan Officer.