Refinancing -- How to tell what's good: http://tech-soft.com/loancompare
Nov 29, 2010 [permalink]
No, the minions haven't gotten possessed by spambots and gone wild. :) I know this is off-topic of writing, but with so many Critter members I'm guessing loans and money are of keen interest to many of you out there. So this is sort of a Public Service Announcement. Here in Critters Central we've been thinking of refinancing our mortgage since the rates are at like these incredible lifetime lows. It seems it could be a terrifically huge way to save money. To refi or not to refi, that is the question.
The problem is that it's so hard to tell if it's a good deal or not. So dang many variables when you dig into it, and any one of them could drastically alter the outcome. Not to mention, it's hard to accurately compare various options, such as different sets of terms from two different companies.
So, being a tool-maker kinda guy, I wanted to point people to a tool I created to lessen the pain and take the uncertainty out of it. I know there are other loan tools out there, but what I found was they were overly simplistic, entirely overlooking factors that could end up steering you wrong. Many are also created by places looking to give you a loan, so you gotta figure they might be a bit biased in what data they work from. Whereas, I'm not selling anything; I'm just this guy who wants to know if a given loan choice is the right one.
You know I'm big into doing things generically so they work in a wide set of circumstances, so this tool works not just for refinancing, but new loans, car loans, any length (15 vs. 30 year or any length), rent vs. buy, cash vs. borrow, loan vs. invest, how much to put down, this loan vs. that one, and so on.
It's at http://tech-soft.com/loancompare .
It's sure helped us, so I hope it can also help you!