San Diego CA (PRWEB) August 06, 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. Besides the many insightful articles that can be found on official website, Loan Love now provides many new exciting features. Borrowers can now experience many tools and resources to get the help they need when taking a loan. An example of one these features is the mortgage interest comparison tool. With this tool, mortgage loan borrowers may now compare the best mortgage interest rates to compliment their financial situations.
The mortgage comparison tool is officially supplied by Bankrate.com, which helps loan borrowers in finding the most competitive mortgage rates with ease. Home owners can search current home loan rates from a wide array of lenders which can be assorted into a number of options such as name, property, location, lender, quoted rate, APR, APR fees, points, estimated monthly costs and many other features of the loan in question. After filling in the appropriate information on the data field borrowers can easily find the best mortgage loans within a matter of seconds. With the mortgage comparison tool, borrowers can now compare each of their mortgage scenarios with ease.
However, even with these new features home buyers may have difficulty truly finding the right options when looking for the best mortgage deals. Luckily, the article below the mortgage comparison tool, “Compare Mortgage Interest Rates And Save Big!” provides readers with the know-how when comparing mortgage interest rates with a few simple tips, namely for loan borrowers to compare their APRs (Annual Percentage Rate), take advantage of a mortgage calculator and to always check their GFEs (Good Faith Estimates).
When finding the best mortgage rate, borrowers should be aware that the posted rate and the APR are two separate rates, as loan lenders may associate different fees with their loan products over time. This means the APR is the actual rate you’ll pay over the course of your mortgage loan, which is generally higher than the posted rate considering all associated costs.
Loan borrowers are also encouraged to use one of the many specialized mortgage calculators out there. These handy tools can provide help in finding and comparing the best interest rates while requiring only basic loan information such as the loan amount, the associated interest rate and the length of the loan term, which can help you determine your monthly payment with an amortization table. Some loan calculators may even provide additional options to be added to the loan calculator such as property taxes or private mortgage insurance. Loan calculators are great comparison tools borrowers can use to test drive many mortgage scenarios for free.
Lastly, every loan borrower should check their Good Faith Estimates (GFEs) after applying for a loan. Lenders are legally required to give you this important document, which enumerates a rough estimate of the costs and fees that you can expect over the life of a loan term along with other important information. While a GFE may not be set in stone, loan borrowers can get a good idea of the total costs of a loan so that they can make accurate comparisons to other loans. In the same article, Loan Love gives one more pro tip on GFEs: “Bonus: While most items listed on a GFE must be paid, some items may be negotiable – especially courier fees and office costs, like copying and faxing; it doesn’t hurt to ask!”
These tips can help borrowers to better understand what are the best mortgage interest rates when assessing their loan options. The article concludes with the following: “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 loans, visit LoanLove.com.