Consumer Money Resource Bills.com Launches Web’s Most Robust Mortgage Calculator to Help Homeowners Take Advantage of Record Low

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-- One-of-a-kind calculator provides simple, personalized refinance recommendations based on deep, real-time analysis of rates and costs with over 30 customization factors --

SAN MATEO, Calif. – Sept. 8, 2010 –

As mortgage applications rise andinterest rates continue to hover at record lows, many current homeowners arefaced with the question of whether or not to

refinance

, some for the second time in a year. Tohelp, consumer money resource Bills.com today introduced the industry’s mostpowerful mortgage calculator that can evaluate up to 30 different combinationsof factors to provide a simple “yes or no” recommendation based on eachhomeowner’s unique situation and goals.

This simple andintuitive calculator is so easy to use that it does not require homeowners tohave any knowledge of current mortgage loan rates or costs. It combines thefunctionality of many traditional calculators into one tool that delivers acustomized, easy-to-understand recommendation and analysis alongside detailedsavings graphs and charts.

“We have builtthe industry’s most powerful calculator but with an intuitive, transparent, andno-pressure interface,” said Ethan Ewing, president of Bills.com. “This is theabsolute best way for homeowners to quickly and effectively evaluate thepotential merits of a home refinance.”

A frequentrecommendation of the calculator for early users has been to consider anAdjustable Rate Mortgage (ARM). Given the unique interest rate environment,record low rates make an ARM a compelling option for many homeowners with ashort-term loan horizon that are interested in lower monthly payments.

How it Works

Leveraging real-timefeeds and technology from its acquisition of Home-Account, the new

Bills.comMortgage Calculator

providesconsumers with an easy, transparent, and information-rich way to evaluate thepotential benefits of a home refinance. Based on a borrower’s personalsituation, including their home value, loan amount,

creditscore

, state, andproperty type, the tool determines whether the borrower will qualify for a loanand the rate, payment and closing costs that will likely to be available tothem. Then, using proprietary algorithms weighting factors such as the borrower’stime horizon, goals and the quantifiable benefits of a refinance, a “yes or no”refinance recommendation is made.

Thisrecommendation is accompanied by a detailed graphical analysis of the new loanversus the existing loan. Homeowners can also adjust their priorities withinthe recommendation to compare different scenarios. For those who wish to reviewlender offers, Bills.com can then help screen potential lenders based on thestated priorities to return customized offers.

New Mortgage Tools

The newBills.com Mortgage Calculator is the first in a series of new mortgage toolsthat will be introduced over the coming months. All will be industry-leadingtools designed to give consumers simple, actionable advice based on real-timerates and expert insight. This first calculator was introduced early to helphomeowners who might be considering taking advantage of record low interestrates. 

“This is aonce-in-a-lifetime mortgage rate environment and it’s important that homeownershave access to a very simple, no pressure way to determine if a refinance willeven save them money in the long run,” continued Mr. Ewing.

Tolearn more about home refinancing, to find the new Bills.com MortgageCalculator or to ask a question of a Bills.com expert, visit Bills.com and itsinteractive set of financial tools at

http://www.bills.com

. 

About Bills.com

Bills.comis the leading resource for free and personalized money help. Founded by agroup of financial experts intent on helping consumers save time, money andstress, Bills.com is designed to give consumers confidence in making moneydecisions. The site offers useful information, powerful tools, and real moneyexperts to give consumers the information they need in the way they want it.

News Source : Consumer Money Resource Bills.com Launches Web’s Most Robust Mortgage Calculator to Help Homeowners Take Advantage of Record Low Interest Rates