San Diego, CA, August 03, 2013 --(PR.com
)-- Prospect Financial Group, Inc. has recently added a variety of mortgage calculators to their website to help consumers that are looking to refinance a home. These calculators are specifically designed to help homeowners determine how much they can save through refinancing and which loan scenario will equate in the greatest savings.
Some of the refinance calculators on www.ProspectRefinance.com that will be the most beneficial to California homeowners include the company’s Refinance Savings Calculator, Fixed vs. Adjustable-Rate Mortgage Calculator and 15-Year vs. 30-Year Mortgage Calculator.
Homeowners can use the Refinance Interest Savings Calculator to compare their current mortgage payment with a new mortgage payment at a lower interest rate. They can also use this calculator to compare the different payments between various loan terms, such as 10-year, 15-year and 30-year loan terms.
The Fixed-Rate vs. Adjustable-Rate Mortgage Calculator helps homeowners determine which type of loan will be more beneficial for them. A fixed-rate loan will offer the same monthly payment for the entire life of the loan. On the other hand, the rate on an adjustable-rate mortgage will fluctuate. Homeowners are often attracted to the lower initial fixed rate that an adjustable-rate mortgage offers. This calculator will help homeowners compare the differences in payments between the two programs.
When refinancing, homeowners have the option to refinance to a shorter loan term. Fixed-rate loans are most commonly offered in periods of 10, 15 and 30-years. The shorter the term of the loan, the lower the interest rate is. Homeowners that refinance from a 30-year loan to a 10 or 15-year loan are able to pay off the loan in less time and pay less in interest payments over the life of the loan. Homeowners can use the 15-Year vs. 30-Year Mortgage Calculator to compare monthly payments for each loan scenario, in addition to interest payments over the life of the loan. Homeowners will find that if they can afford the higher monthly payment of a shorter loan term that they will save in interest payments over the life of the loan.
In addition to providing a variety of calculators to help homeowners that are looking to refinance, the company’s website also offers a variety of calculators geared specifically towards home purchases. To learn more about the different mortgage resources available from Prospect Financial Group, Inc., visit the company’s website at www.ProspectRefinance.com/mortgage-tools/.