San Diego, CA (PRWEB) March 21, 2014
LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Recently the website has created a section where home buyers can get help with comparing mortgage interest rates.
The mortgage rate comparison guide on the website says, “With so many lenders offering mortgage products today, it can be difficult to know which loan is truly the best deal for you. Fortunately, there are a few relatively simple ways to compare mortgage interest rates, and taking the time to explore at least one of them could mean big savings for you over the life of the loan.”
Loan Love then gives some suggestions as to what borrowers should look for when comparing mortgage rates. The guide covers:
- Mortgage calculators
- And GFEs “Good Faith Estimates”
The article gives a brief explanation of why each of these things is important when judging the real value of the loan. For example, the article says of comparing APRs, “Most loans will list two rates – the posted rate and the APR (Annual Percentage Rate), which is the actual rate you’ll pay when all the associated costs are considered. The APR is usually a little higher than the posted rate, and because different lenders may have different fees associated with their loan products, the APR is the rate you want to compare to see which loan actually offers the best rate over time.”
For those wondering why they should take the time to compare rtes, the article says, “Consider a $200,000 30-year mortgage at 4%. Over the entire life of the loan, you’ll end up paying $143,739.01 in interest. Now, suppose you wait and interest rates climb to 5%. At the end of that 30-year period, you would have paid $186,511.57 in interest. That’s a difference of $42,772.56. Of course, the bigger your mortgage, the bigger the difference: A $300,000 mortgage at 4% vs 5%, would net a difference of $64,158.83.”
Lastly, the mortgage rate comparison guide says, “While comparing the costs of multiple mortgages may sound like a complicated and time-consuming task; the truth is, any of the simple comparison methods highlighted above only require a minimal investment of your time, but the results can yield huge savings (tens of thousands of dollars) for you over the lifetime of your mortgage.”
To read the full article and avail of Loan Love’s free mortgage rate comparison tools, click here.