San Diego, CA (PRWEB) August 07, 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. Always looking for new ways to help home buyers find the right home mortgage interest rates, Loan Love has recently started servicing clients with a new innovative feature alongside one of their new informational articles. This new feature, the mortgage interest rates comparison tool, provides home buyers with the option to compare home mortgage interest rates with ease.
Using the mortgage interest rates tool provided on LoanLove.com, loan borrowers can now find loans based on a variety of categories including the loan amount, location, quoted rate, APR and APR fees, points, etc. Powered by Bankerate.com, loan borrowers can use this tool from the comfort of home. Choosing from an assorted list of lenders approved by Bankrate.com, loan borrowers can find lenders with confidence when finding the right mortgage loan. Although useful as this tool may be, many home buyers may be unsure in what loan is right for them. LoveLove.com seeks to help potential home buyers with an accompanying article of the new tool that gives a quick rundown on comparing interest rates.
The article, titled “Compare Mortgage Interest Rates And Save Big!” serves as a 3 step guideline when used alongside the mortgage rate finder. In choosing the right loan product over another, the article advises that customers to follow these key steps:
- compare APRs
- use mortgage calculators and
- check GFEs
These three steps can be crucial to securing a loan. On the topic of comparing APRs, the LoanLove.com article had this to say: “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.”
Using a simple but efficient loan calculator, loan borrowers may also test out many mortgage scenarios for free. Only requiring the most basic loan information such as loan amount and interest rate, monthly payments can be determined with an amortization table in a matter of minutes. Other loan calculators may even allow the option for more personalized loan terms. Such data may range from home insurance ro property taxes. Loan calculators are great at simulating the best solutions for future home owners and home buyers planning to take on a loan.
After sealing a loan deal, loan borrowers should take time to assess their GFEs, or otherwise “Good Faith Estimates”. As the name implies, a GFE is a document entailing the estimated closing costs of a loan agreement and what fees may be incurred once accepting. While the total costs of a loan may vary from slight smaller or larger in the long run, lenders are bound by law to give you the best estimate, giving loan borrowers ample time to check and recheck their future fees and costs. Knowing the GFEs of a loan is essential in making accurate loan comparisons.
The article goes on to say: “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.”
For more information on comparing home mortgage interest rates, please visit LoanLove.com.