To refinance or not to refinance?

With mortgage rates at record lows, Bills.com recently released a new calculator that tells consumers whether or not they should refinance, giving a “yes” or “no” answer based on details about current loans, existing home location and goals for refinancing, the New York Times reported. What differentiates this feature from similar online tools is that users don’t have to enter any information about prospective loan rates or costs. “The goal of the tool was to help consumers make a quick yes or no decision without taking them through long forms and rate tables,” said Ethan Ewing, president of Bills.com, who said it was developed in response to a multitude of consumers asking the site if they should refinance or not. According to Bills.com, the tool compares a user’s current loan with refinancing options offered from lenders Bills.com works with that the user would qualify for, basing its answer on real-time feeds about these loans’ rates and costs. The tool also shows users how much they would hypothetically save in payments and interest expenses by refinancing. [NYT]