Your credit data does not contain your current interest rate. A calculation is performed to try to determine your interest rate using date of opening, loan amount and minimum payment. That rate is then compared to data obtained from consumer match offers for the last 30 days which are then compared to your credit report data based on similarly situated consumers (i.e. same credit score band, same band of amount due and owing, same or similar line of credit). For example, if you have a credit score of 720 and opened a mortgage in 2013 and have a balance of $225,000 and it appears that you may have an interest rate of 6.3%,(will default to the assumption that you have a 30 year fixed mortgage as that information is not known with 100% certainty) the calculator will find a similarly situated consumer who sought a 30 year fixed mortgage with a 720 credit and seeking a $225,000 loan with an estimated loan-to-value (LTV) of 80% or better received mortgage offers at 4.25% an estimated savings calculation will be prepared for monthly estimated savings you may be able to realize. However, these are estimations only and are not guarantees of actual savings. If you place in your actual interest rate using the calculator, you will return more accurate results and be able to review what other similarly situated LendingTree consumers.
Only a lender with whom you provide all of your information in a formal application can tell you what the net tangible benefit will be by refinancing your loan. The calculator is done simply to assist you in seeing what other consumers, similarly situated to you received back as offers and at what rates they received the same. LendingTree cannot warrant or guarantee any estimated interest rate comparison will be what you are offered by its Network of Lenders. Rates change daily, subject to lender verification and lender terms and conditions.
