Loans-101.com, a leading resource for information about mortgage products, has launched www.mortgagecomparison.net.
Mortgage Comparison is provided to borrowers as an information resource about today’s popular loan programs, including their requirements, interest rates, advantages and disadvantages.
“Mortgage Comparison provides a simple resource for borrowers to research the requirements of today’s ever-changing home loan programs. Potential borrowers can save a lot of time and money by taking the time to familiarize themselves with their options.” – Spencer Llewellyn marketing director Loans-101
Over the past few months, interest rates on mortgages have continued to fall to historically low levels. Today, rates on new purchase mortgages or mortgage refinancing are about as low as they have ever been before. Because of these low rates, now could be an excellent time to either buy a new home or attempt to refinance your existing mortgage.
If you are a qualified borrower, you will likely find that banks will compete greatly for your business, and each one will provide you with a slightly different mortgage offer. While a slight difference in mortgage interest rates may not seem like a big difference on a monthly basis, even a slightly lower interest rate on a mortgage could save you tens of thousands of dollars in interest charges each year.
It is important to compare each mortgage against one another to get a true understanding of the costs and risks associated with each loan offer. The first thing to consider when comparing mortgage options is exactly what programs that you may qualify for and which ones won’t work.
In completing a mortgage comparison, it is also necessary to compare the fees that are being charged. Many banks will attempt to entice clients into taking a loan by offering a much lower rate. However, these lower rates often come with much higher origination fees and mortgage points, which can actually make the overall cost of the mortgage much higher than a mortgage with a higher rate, but lower fees. When choosing a mortgage, it’s important to have a full understanding of the total fees that will be incurred.