Consumer Daily has noticed a major flaw on most mortgage websites. These websites lack many available lenders because almost all of them rely on a single source of current rates.
Palm Beach, FL (PRWEB) July 25, 2012
Consumer Daily invented a mortgage rates comparison tool that searches two large databases of lenders and banks to display refinance low rates. Homeowners need to look through several rates because potential savings vary significantly from each lender and bank.
For this week's mortgage update, the most common type of home loan, 30 year fixed, Consumer Daily found the following monthly payments for two different lenders and two home loan amounts:
Homeowners with a $250,000 balance;
Lender (lowest): $1,105/month;
Lender (highest): $1,212/month;
Homeowners with a $150,000 balance;
Lender (lowest): $663/month;
Lender (highest): $727/month;
These yearly savings are nearly equivalent to an entire month's mortgage payment.
For late-July, these common loan types have found with the following, average mortgage rates:
30 year fixed: 3.9%
15 year fixed: 3.2%
1 year ARM: 3.1%
Although rates have dropped considerably this month, some homeowners want to see if they can find an even lower rate. Consumer Daily has noticed a major flaw on most mortgage websites. These websites lack many available lenders because almost all of them rely on a single source of current rates.
Consumer Daily decided to fix this issue—after noticing complaints from homeowners.
It was by finding the right database of lenders that one consumer was able to save $300.00 per month. Another homeowner wrote, "This (lender comparison) app. showed me a rate that no one else did."
By adding a large, second database of home lenders, the ability to compare more rates assures finding a lower rate and larger savings for each homeowner.
One database of lenders will not provide rates from every lender. Consumer Daily's new comparison page gives the homeowner ability to compare fixed rates for 30 year fixed, 15 year fixed, and ARMs.
Check today’s refinance rates from two large databases of lenders; they are available here.