ABN Amro is offering US visitors to its Mortgage.com Web site a 'one-click' home loan refinancing service.
Customers need only log on and provide their account number to learn if refinancing their current home loan would save them money.
The system automatically analyses their existing loan terms, compares it to current rate information and recommends whether or not the customer would save money through refinancing. The recommendation includes the full rate and fees for the new loan, and a break-even analysis to let the customer know how long it would take to recoup the closing costs. The refinancing tool also indicates if the customer is qualified for streamlined documentation and how much money refinancing will save them monthly as well as over the lifetime of the loan.
William Newman, ABN Amro Mortgage Group executive vice president, says: "The normal process of getting a rate quote, comparing closing cost options, figuring out your savings and locking your rate is now down to seconds, not days."