Houston, TX, October 23, 2011 --(PR.com
)-- Loans-101.com, a leading resource for information about mortgage products, is pleased to announce the immediate launch of 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," says Spencer Llewellyn, marketing director at Loans-101. "Potential borrowers can save a lot of time and money by taking the time to familiarize themselves with their options."
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. Navigating your mortgage options can be difficult, however, without knowing all the facts. Your available choices may include Conventional Loans, FHA Loans, VA Loans, USDA Loans and Jumbo Loans. Before you shop for a lender, it could save you lots of money to perform a mortgage comparison
of your own.
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. And knowing the mortgage options at your disposal can empower you to make an informed decision when choosing your lender and home loan program.
When you receive multiple mortgage offers, it is important that you properly compare each mortgage against one another to get a true understanding of the costs and risks associated with each loan offer. The first thing you need to consider when comparing your mortgage options is exactly what programs that you may qualify for and which ones won't work. Then you should perform a mortgage rate comparison and whether the mortgage rate you are offered is fixed or variable. Many banks still offer adjustable rate mortgages (ARMs), which provide you with a fixed interest rate for a short period of time, which is typically 3 to 5 years. After the fixed rate period is over, your loan rate will adjust to market conditions. If rates increase, then your rate could increase as well.
When you are completing a mortgage comparison, you also need to compare the fees that you are being charged. Many banks will attempt to entice you into taking a loan by offering you 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 you will incur.
For more information about today's mortgage programs, please visit www.mortgagecomparison.net.