Myth #13: Par rates are impossible to calculate
Most home buyers are probably aware of a mortgage payment calculator or mortgage rate calculator, but how does it help if you do not know what rate to use? After all, to get the most out of the mortgage rate calculator, shouldn’t you know the lowest rate that you can qualify?
Instead, you should start thinking of it as a fair rate calculator. This means that you need to find your fair rate and use that as your starting point when shopping for a new home. At least that will provide a more realistic view of how the calculator operates.
How Parlend’s Mortgage Rate calculator Works for You
When you shop for a new car, most people start with a reliable source such as TrueCar or Kelly’s Blue Book which indicates the true value of the vehicle. You can then choose the right vehicle with the options you want and determine the fair price in your zip code. After all, if you don’t know the value of any product or service, then how can you start the negotiating process?
Parlend offers a unique algorithm that calculators the Fair or “Par” mortgage rate in real time. Plus, the rate is calculated for the loan officer and not the lender they represent. This provides you with real leverage, allowing you to negotiate for the best rate possible based on your risk profile. You can now calculate a realistic monthly payment option and not a hypothetical one.
You can also calculate the corresponding closing costs to provide a full picture of your payment. Without the Parlend calculator, you risk being taken advantage of and paying too much. That’s why the Parlend mortgage rate calculator should be the one you use.