Home Loan Checker Software

If you have a mortgage or home loan then you are atinto account how much your time is worth to you, you
risk of being overcharged thousands in incorrectmay consider some of these non-essential features
interest charges and fees. Home Loan Checkerimportant.
Software (also known as Mortgage CheckerOne way to speed up the home loan checking
Software) has become the popular way to check forprocess is to be able to import all your information
lender mistakes, however a quick search on Googlefrom a spreadsheet or file. For example, if you have
for "Mortgage Checker Software" returns overbeen recording your home loan transactions in a
5,000,000 matches. So where do you start and whatspreadsheet for the past few years, it will save you a
do you look for? This article covers what mortgagelot of time if you can transfer them straight into the
checker software can do for you, why you need it,home loan checker software without having to type
and how to choose the correct software to audit yourthem all in again. Alternatively, if your lender provides
mortgage.you with your mortgage statements and transactions
Home Loan Checker Software - The Problemin electronic format (for example, you can access to
If you have a home loan or mortgage then you are atthem via online Internet banking), then it is very handy
risk of being overcharged by your bank or lender. Theto be able to load these statements automatically into
reasons for being overcharged range from a simplethe home loan checker software.
human or computer error through to deliberate fraud.Another time saver is being able to export all your
The most common examples of errors include beinghome loan information (to a text file, CSV file, etc) as
charged interest based on an incorrect interest rate,this will allow you to use the information in another
deposits and withdrawals being recorded on wrongsoftware package, or share it with your accountant or
dates, offset account balances not being calculatedother service provider. Being able to export your
correctly and errors in the lender's computer system.information also provides you with the comfort of
The amount you are overcharged can range from aknowing you can get all your information out of the
few cents to tens of thousands of dollars, and most ofhome loan checker software, if you wish to stop using
the time you will not even know it has happened. Partit or change to a different product.
of the problem is the average home loan andOnce you have gone to the trouble of loading all your
mortgage lasts twenty to thirty years, which is a longloan information into the home loan checker software,
time to expect any process to run smoothly andand performed your audit, it is nice to have a range of
without errors. In addition, banks and lenders have toreports that can provide you with different views of
constantly deal with changes in personnel, computeryour home loan. Statement comparisons, yearly
systems and financial products to meet the demandscomparisons and yearly totals of interest paid, fees
of today's homeowners. Its no surprise so many loanscharged and deposits made will help highlight the true
end up with errors, but what can you do to protectcost of your home loan.
yourself?From a planning point of view, being able to check the
Home Loan Checker Software - The Solutionimpact of an interest rate change will have on your
Home loan checker software is one of the popularmonthly repayments, or seeing the thousands you can
solutions for individuals who want take matters intosave if you pay off your home loan sooner can be
their own hands and check their loan interestvery beneficial over the life of your home loan.
calculations. After you have installed the software onHome Loan Checker Software - Free Trial
your home computer, you will need to enter all yourThese days you can download and try most software
loan account details, statements, transactions andbefore you purchase it. This is especially important with
interest rates. The software allows you to maintainhome loan checker software, due to the number of
your own record of your home loan, and it is designeddifferent lenders and types of mortgages available.
to check the lender's calculations and instantly highlightThe only safe way to know if the home loan checker
any errors in your balances and interest rate charges.software will work with your home loan or mortgage,
In the event of the error, the home loan checkeris to obtain a free trial, install it and take it for a test
software will estimate of the refund you are due.drive.
The more advanced home loan checker softwareThe best type of free trial is one you can download
packages will also allow you to store and retrieve allwithout having to register your name, email address or
your loan information (so you don't have to re-type it allany personal details. If you have to provide too much
in when you want to do future checks), track yourpersonal information just to see the product, you may
home loan repayments, provide you with reports andfind yourself on the receiving end of a barrage of
summary information, and allow you to do what-ifmarketing material and spam. Worse still, your email
planning (for example, if interest rates change, howaddress may be farmed and sold along with all your
much will my repayments change by).personal information.
Home Loan Checker Software - Essential FeaturesWhile a time limit on a free trial is perfectly reasonable,
Home loan checker software packages come in allI get a little suspicious when the software is crippled
shapes and sizes, so we will start with the featuresand doesn't let you enter all your mortgage loan details.
considered essential.For example, it may not let you enter your interest
First up you will need to be able to enter your homerates, or it may limit the number of transactions you
loan information. For this, the home loan checkercan enter. If you can't see it working with all your
software will need to let you enter the home loanmortgage information, then you are not really
account information (loan term, opening balance, startperforming a full test.
date, etc) as well as the statements, transactions andAlso be careful of software where there is no free
interest rate changes. It is a huge advantage if thetrial and you have to pay for it in full before you can
software allows you to save your home loaninstall it. You may find you end up with a product that
information, allowing you to reload it at a future date.does not work with your home loan, or is not quite as
You don't want to be faced with typing everything ingood as the glossy web page described it.
each time you want to perform an audit.As a rule you should purchase software in the same
Once you have entered your home loan information,way you would purchase a car. Shop around, test
as a minimum the home loan checker software shoulddrive a few and find one that suits your needs. If
audit the balances and interest charges. The balancesomeone will not let you take a test drive, move on to
check is important, as most interest calculations workthe next one as there are plenty to choose from.
off a daily rolling balance. Therefore if the bank has thisHome Loan Checker Software - Money Back
wrong, it is unlikely the interest calculations will beGuarantees
correct. The software should provide a simple reportJust as important as the free trial is a money back
that shows a running total of your balances (calculatedguarantee. The free trial lets you see the home loan
by the software) and a comparison to the balancechecker software in action and have a play with it,
provided by the lender.while the money back guarantee should cover you
With the interest checker, the most completeonce you have purchase the software and for some
approach is to have a report that details eachreason you wish to return it. Money back guarantees
transaction where the lender charged you interest,usually range from 15 to 60 days.
matched up to an interest estimate from the softwareMake sure the money back guarantee is unconditional,
for the same period, and the difference between theand you don't have to wait a certain amount of time
two amounts. As each lender charges interest atbefore you can apply for a refund. For example, a
different intervals, and on different days of the month,software vendor promising a full refund if you are not
it is important the software works off the interesthappy after six months, is actually saying "we will keep
transactions (and doesn't just provide a total amountyour money for six months". This means if after the
of interest for a month). For example, if your lenderfirst week you decide the software is not what you
charges you interest on your home loan on the 10th ofwanted, or it does not work with your home loan, you
each month, then you need to know the total interestwill have to wait six months before you will see your
charged from the 10th of one month to the 9th of themoney.
next month (and not from the start of the month toHome Loan Checker Software - How Much Should it
the end of the month).Cost?
If any errors are found in the interest calculations thenA good home loan interest checker software package
it is very useful if the home loan checker software hasshould cost you less than US$150. There are some
a refund calculator report. This should highlight thegood products on the market that not only help you
amount of each error, and calculate how much it hascheck your balances and interest calculations, but also
cost you in additional interest.help you track, manage and report on your mortgage.
One last essential feature is a report that provides aIf the home loan checker software you choose has a
breakdown of the daily balances and daily interestsmall one-off fee, then it is a small price to pay when
charges for the home loan. This can be extremelyyou spread the cost over the next 20 to 30 years of
useful when investigating errors, as it provides you withyour mortgage.
all the numbers that go into the interest calculations.Home Loan Checker Software - What Next?
Home Loan Checker Software - Non-EssentialThis article has provided an overview of what home
Featuresloan checker software can do and the role it can play
The features discussed in the previous section are thewith your home loan or mortgage. The next step is to
basics you will need to be able to audit and checkdownload a free trial, audit your mortgage and to
your home loan for errors. However when you takemake sure your lender has not been overcharging you.