San Diego, CA (PRWEB) August 03, 2013
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. Aside from informational articles, Loan Love also provides many tools and resources for those looking for the right loan. The new mortgage interest rates comparison tool is one such resource that can be instrumental in helping mortgage borrowers find the best current mortgage interest rates that will help them to save thousands of dollars over the life of their loan.
The mortgage comparison tool found on LoanLove.com is powered by Bankrate which offers today's most competitive mortgage rates so borrowers can compare with confidence. This feature offers current home loan rates from hundreds of different lenders, and the results can be sorted by a number of different options, such as lender name, property location, quoted rate, APR, APR fees, points, estimated monthly costs and other features of the loan being offered. By entering the appropriate details into the provided data fields, borrowers will be able to see all the best loan deals for their specific mortgage scenario, all listed together for easy comparison and consideration.
Aside from the instant rate quote feature, the website also offers advice for borrowers on what to look for when comparing different loan products and mortgage terms. The article included beneath the rate finder tool advises borrowers to:
- compare APRs
- use mortgage calculators and
- compare GFEs
These three things can be done to determine just how much one loan product would benefit the borrower above another loan product. Comparing the APR (Annual Percentage Rate) is advised since different lenders have different fees associated with their loans. Because of this even loans that have the same posted rate may differ when it comes to the actual amount to be paid.
Using a mortgage calculator is also advisable, as these tools can be used to “try on” different mortgage scenarios which can help the borrower to determine what loan would be the most affordable to them now while also allowing them to save the most amount of money in the long run.
Lastly, taking a look at the GFE of a loan can help the borrower to determine if the loan product they have applied for is the right one for their situation. The GFE (Good Faith Estimate) is a document given by the lender to the borrower within three days of the loan being approved. The document enumerates estimates of all the costs involved in the loan process, so borrowers will be able to see if they are getting a good deal, as well as ensure that they have enough money on hand when the time comes to pay these fees. Some of the fees listed on the GFE can also be negotiated, so it is a good idea to look over this document carefully as soon as it is provided.
Loan Love says: “Comparing the costs of multiple mortgages only sounds like a complicated and time-consuming task; the truth is, any of these simple comparison methods takes only a minimal investment of your time, but the results can yield huge savings for you over the lifetime of your mortgage.”
To use the rate comparison tool and get more advice on comparing home loans, visit LoanLove.com.