Home Loan Checker Software

Home Loan Checker Software - Essential Features
Home loan checker software packages come in all shapes and sizes, so we will start with the features considered essential.

First up you will need to be able to enter your home loan information. For this, the home loan checker software will need to let you enter the home loan account information (loan term, opening balance, start date, etc) as well as the statements, transactions and interest rate changes. It is a huge advantage if the software allows you to save your home loan information, allowing you to reload it at a future date. You don't want to be faced with typing everything in each time you want to perform an audit.

Once you have entered your home loan information, as a minimum the home loan checker software should audit the balances and interest charges. The balance check is important, as most interest calculations work off a daily rolling balance. Therefore if the bank has this wrong, it is unlikely the interest calculations will be correct. The software should provide a simple report that shows a running total of your balances (calculated by the software) and a comparison to the balance provided by the lender.

With the interest checker, the most complete approach is to have a report that details each transaction where the lender charged you interest, matched up to an interest estimate from the software for the same period, and the difference between the two amounts. As each lender charges interest at different intervals, and on different days of the month, it is important the software works off the interest transactions (and doesn't just provide a total amount of interest for a month). For example, if your lender charges you interest on your home loan on the 10th of each month, then you need to know the total interest charged from the 10th of one month to the 9th of the next month (and not from the start of the month to the end of the month).

If any errors are found in the interest calculations then it is very useful if the home loan checker software has a refund calculator report. This should highlight the amount of each error, and calculate how much it has cost you in additional interest.

One last essential feature is a report that provides a breakdown of the daily balances and daily interest charges for the home loan. This can be extremely useful when investigating errors, as it provides you with all the numbers that go into the interest calculations.