Know when to lock in or refinance with a good refinance calculator

 If you are in the market to purchase a new home or are currently a home owner, watching interest rates can make you crazy.  Will they up or down, when and for how long?  You can now take the guess work out of things if you use a refinance calculator.  There are a number of places you can find a refinance calculator.  First, check on-line. Second, ask your banker if they have one on disk.

With a refinance calculator, you can determine whether it makes financial sense to either lock in a variable rate mortage or refinance your fixed rate mortgage.  What people tend to forget about are refinancing costs.  With a good calculator, these will be taken into account so that you get a true picture. 

With a refinance calculator, you will also be able to determine how long you should stay in your current home to cover the costs associated with refinancing.  Often times we forget to takes these into consideration and only look at the lower interest rate.  Hopefully you have found some resources to help you make that important decision to refinance or not.