I just learned of a new website (www.checkmyfees.com) that will help homeowners and prospective home buyers. It allows those who are looking for a new loan or a purchase loan to compare either their current rate or the rate they have been quoted by others to people in their area.
There is a very short survey (about 30 seconds long) for people who have recently gotten a home loan, or have recently looked into it and have been given a quote for one. If that description fits you–you should take the survey! (This is a new website, so getting this information will help the site to be an even better tool.)
The site doesn’t require any confidential information, no addresses, or personal information required at all. The only required information someone would need to know is:
* Approximate credit score (or you can assume it is the highest available)
* The approximate value of the property
* The desired loan amount
* The rate quoted
* The APR quoted (annual percentage rate will typically be higher than the actual interest rate)
* The fixed term of the loan – most loans today are 30 year fixed but some are adjustable rate loans
P.S. This is a perfect tool for those of us who are always wondering if we are getting a good deal. This helps us to make sure we are getting the best rate possible. Also, this site is in both English and Spanish! (In the top right hand corner it says, “Translate to: Espanol.”)
Check it out!