San Francisco, CA (PRWEB) September 11, 2008
LoanKrunch, a new, free and anonymous mortgage loan search engine that changes the way consumers acquire home loans was launched at TechCrunch50 on Monday, Sept 8. By giving the consumer access to information on all programs and rates that they could be eligible for, LoanKrunch provides the consumer with the ability to do true loan comparisons while saving money by offering wholesale rates and flat fee pricing.
Despite the credit crunch, mortgage industry experts predict that online originations are expected to grow by more than 20 percent a year annually. According to a recent survey, borrowers received an average of four to six quotes. However consumers also indicated that they spent just as much or more time researching car purchases, home improvements and vacations, compared to home loans. They also indicated that their primary concerns were around protecting personal information, getting the best rate and not exceeding their monthly housing budget.
"There are literally hundreds of rates and programs out there that you, as a consumer could be eligible for. But most sites only show one rate for one program. Our patent pending expert rules engine technology changes that," says John Wang, CTO and co-founder of LoanKrunch. "LoanKrunch is the Kayak/SideStep of the mortgage loan industry - we evaluate every loan program to calculate rates based on user input and built intuitive tools so that consumers are in control to easily search, compare and shop for the loan that they feel best meets their needs."
"We're getting some great feedback from the TechCrunch attendees," says David E. Chin, CEO and co-founder of LoanKrunch. "Once they see the power of LoanKrunch compared to other options in the marketplace, it's easy to see why LoanKrunch is such a great solution."
Specifically designed to empower consumers by demystifying the home loan shopping process, key features of LoanKrunch include:
True Comparison Shopping
LoanKrunch rates are accurate and make it simple to compare potentially hundreds of rates and programs across multiple lenders.
No information necessary. Borrowers do not need to enter SSN, first name, last name or telephone number.
Easy to Use Tools
Borrowers can easily sort, filter or add search criteria to help pinpoint the loan that is right for them.
Wholesale Rates, No MarkUps
LoanKrunch passes through wholesale rates to consumers and guarantees fees.
Flat Fee Pricing
Charged when the loan closes, $2,495 flat fee pricing. Compared to traditional % based pricing this could save borrowers thousands.
Launched at TechCrunch50, LoanKrunch is now in public beta and is accepting loan applications in California. Additional states and lenders will be coming online in the future.
Headquartered in San Diego, Calif., LoanKrunch is a free mortgage loan search engine that makes it easy for consumers to search, compare, apply and save on a home loan. Only LoanKrunch gives borrowers a true way to compare loans, by providing transparency into the mortgage loan process. For more information, visit http://www.loankrunch.com
LoanKrunch was selected from over a thousand applicants to particpate in this year's TechCrunch50 conference in San Francisco.
Founded in 2007 by leading technology blog TechCrunch and entrepreneur Jason Calacanis, the TechCrunch50 conference provides a platform for early-stage, and frequently unfunded, companies to launch for the first time to the technology industry's most influential venture capitalists, corporations, angel investors, fellow entrepreneurs and the international media. Companies are selected to participate exclusively on merit. TechCrunch 50 is supported by corporate sponsors Google, Microsoft, MySpace, Salesforce, MSN Money, Symantec, Thomson Reuters and Yahoo!, as well as venture capital firms including Sequoia Capital, Mayfield Fund, Clearstone Venture Partners, Charles River Ventures, Founders Fund, Perkins Cole and Fenwick & West.