Myth # 14: Every online home calculator is the same
Shopping for a new home in the internet age gives home buyers a unique advantage over those who purchased properties in the days before the internet. The mortgage rate calculator has changed the way many people shop for a loan by empowering them with access to a wealth of information. Prior to the internet, those shopping for a mortgage rate quote were limited to local banks and lenders. Today, however, home buyers can shop for their mortgage quotes online using invaluable tools such as rate calculators. This allows buyers to find and select the best rates possible.
How does a mortgage rate calculator work?
Mortgage lenders’ websites typically include their own calculators. These calculators provide you with a basic mortgage rate quote based upon basic information such as:
- Home Value
- Down Payment
- Loan Amount
- Loan Terms
These calculators will also typically ask about your home loan rate as well so that it can calculate your monthly payment. This is the inherent issue with most mortgage rate calculators. Without having access to actual mortgage rates, you are stuck picking a random rate that you may or may not actually end up having.
Instead, a mortgage calculator should automatically provide you with the lowest interest rate available to you. This is the only way that you will be able to get an accurate estimate of your potential monthly payment. Parlend’s mortgage rate calculator not only calculates your risk profile in real time, but it also factors in home loan rates from every single major bank and lender. Over a thousand loan officers representing all major lenders are researched and priced against your own unique criteria and risk profile.
Parlend Gives You Access To The Best Rates Available To You
Lenders employ over 400,000 loan officers – each of whom fall under a different commission structure for the loans that they sell. Given this number, it is impossible for a home loan shopper to research every mortgage quote available on his or her own. That’s why we built Parlend so that we can handle this task for you, all within minutes, anonymously.
It is also important to consider the fact that basic loan and monthly premiums are only a part of what you pay. This means that when factoring the overall expense of your home loan, you will also need to account for things such as closing costs, which are made up of three major parts. Keeping this in mind will benefit you in the long run when shopping for a mortgage rate quote. You can find more information about this here.