Mortgage Calculator vs Mortgage Audit Software

If you have a mortgage, or are about to sign up for one, then it is time to switch from a mortgage calculator to mortgage audit software (also known as a mortgage error calculator). Mortgage audit software helps you check your statements for errors and allows you to manage your mortgage over the life of the loan. You simply type in (or import) your mortgage loan information, statements, transactions and interest rate changes, and the software does the rest.

Mortgage audit software is designed to help you:

• Track your mortgage repayments over the life of your loan.
• Check your mortgage statements for bank errors and lender mistakes.
• Calculate your expected refunds from any bank errors.
• Check you are receiving the full benefit from your offset account.
• Calculate how much your mortgage is costing you each year, broken down by interest payments, fees, deposits and withdrawals.
• Compare mortgage costs from year to year and statement to statement.
• Gain insight into your bank's calculations, by providing you with the daily breakdown of your mortgage interest charges and calculations.
• Calculate and plan for changes to your repayment amounts due to interest rate rises.
• Repay your mortgage earlier by providing you with up to date estimates of the amount to increase your repayments by, to meet you early repayment goals.
• Guard against bank errors and protect the thousands you pay in interest over the life of your loan.

In summary, mortgage audit software can help you avoid expensive mistakes. An undetected error will compound over the life of your mortgage and could end up costing you thousands.