San Diego, CA (PRWEB) September 09, 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. Loan Love knows that one of the most important skills a home loan borrower can have is the ability to competently compare mortgage loan interest rates. A new guide on the website provides some tips on what to look for when comparing rates and also provides a live rate quote tool for easy comparison of the different loan option.
The guide 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.” The article then goes on to give a few things that savvy home loan borrowers should look out for when trying to find the best loan rates.
The article then goes on to say that one of the first things that consumers should look for when comparing mortgage loans with the same posted rate is the APR, or annual percentage rate. “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.” the article explains.
Using a mortgage calculator is also a very good way to figure out which loan scenario is the most affordable in the present and which will also save money in the long run. These handy calculators come in many different forms, and the borrower can check for many different factors of the loan to see how things will play out through the life of the loan. Many loan calculators allow for mortgage taxes and closing costs, which will give the borrower a better idea of the overall financial commitment that they will be taking on.
The final tip for those who are looking for the best mortgage loan is to take a close look at the GFE. The Loan Love guide 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.”
For more information on comparing mortgage interest rates, please visit LoanLove.com for the full article.