San Diego, CA (PRWEB) August 16, 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 helping 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. In order to help borrowers find the best possible rates for their home loans LoanLove.com now features a mortgage loan interest rates comparison tool that is powered by Bankrate.
This new features is a powerful tool that can help borrowers to find the lowest rates in their areas in seconds. Borrowers can use a number of sorting options on the comparison tool to find exactly what they are looking for in record time. The accompanying Loan Love article 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.”
Of course, one of the biggest avenues for borrowers to explore is a mortgage rate calculator or comparison tool. By simply inputting a few snippets of information in the correct data fields, borrowers can see all the rates from all the loans that are available to them. However, choosing from the many options available may be a difficult decision, which is why Loan Love gives some advice on exactly what to look for when comparing mortgage loans.
The first thing that the experts at LoanLove.com suggest looking at is the APR, or annualized percentage rate, of each loan. This rate is actually more accurate than the posted rate as it included most of the fees that will be included once the deal is closed. Because different lenders have different fees associated with their loan products, the APR can vary a lot from loan to loan, even in loans that have the same posted rate. Taking a good look at this rate can help borrowers to determine which loan option actually provides the highest savings over the course of the loan.
Loan Love also suggests that borrowers take a look at their GFE, or good faith estimate, if they do apply and qualify for a loan, as soon as possible. The article says: “After you apply for a loan and are approved, the lender is obligated to provide you with a Good Faith Estimate within three days. This seemingly simple document is packed with important information that can help you understand the true costs of the loan. A GFE contains an itemized rundown of all the fees and costs you can expect to incur if you accept the loan agreement. It’s important to note that while a GFE is not written in stone – some items may be a little more or less costly when it comes time to close – lenders are bound by federal law to ensure the items and costs they quote are given in “good faith” – that is, this is a best estimate of related costs. Once you know all the costs involved, you can perform a much more accurate comparison among different loans.”
Using this advice and the comparison tool found on LoanLove.com borrowers can find the best rates that could enable them to save many thousands of dollars over the life of their home loan. To check out the home mortgage interest rates comparison tool and read the accompanying comparison guide, please visit LoanLove.com.