SAN DIEGO, Nov. 25, 2013 /PRNewswire-iReach/ -- 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. The experts at Loan Love are consistently finding new ways to aid their readers with their mortgage loan issues by providing them with helpful home loan planning tips and strategies. One of the websites most recent additions is a rate comparison guide that can help home loan borrowers to sort through the many loan options available and find the one that will help them to save the greatest amount of money over the life of their loan.
The guide starts by saying: "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."
Loan Love's 3 best loan comparison tips are to:
- Compare APRs
- Use mortgage calculators
- And compre GFEs
Concerning APRs, Loan Love says: "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."
Mortgage calculators can also be very handy tools. These calculators can help the loan borrower to calculate a number of different factors when it comes to the home loan they are interested in. They are generally very easy to use and only require basic information; usually the loan amount, the associated interest rate and the term. Entering this information will provide the loan borrower with an amortization table and monthly payment they should expect. Some calculators let the borrower factor in other amounts, such as property taxes and home insurance. Using these calculators will give the borrower a good idea of what kind of financial obligation they will be taking on.
The article then explains about GFEs. It 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."
To conclude, the article states: "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."
For more information, please read the full guide at LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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