Mortgage Marvel claims to have access to 700 of the major mortgage lenders and credit unions in the country to provide consumers with an easy way to:
- compare mortgage loan rates, and itemized closing costs, for prime loans of various types (fixed, adjustable, balloon) on various types of property (primary residence, vacation home, investment property)
- choose a mortgage lender, and
- apply online for instant approval
The Basic Search is a 1, 2, 3 operation.
Simply enter the loan amount, the purchase price (they say property value, which is a little confusing since the results show that value as the purchase price– see below) and your zip code and Mortgage Marvel serves up a list of mortgage lenders, with the interest rate, points, APR, and monthly payment. Click the shiny orange button to apply.
The Advanced Search lets to change the loan type, points, years and property type:
You even get a breakdown of the closing costs.
TIP: Knowing these closing costs pre-loan instead of learning about them after the loan paperwork has been submitted is worth the price of admission, which is free. There is often a lot of fat in here that you can trim before you put your pen to paper. Some fees, like title insurance premiums, are set by law, but others are negotiable.
Here’s a sample:
I like Mortgage Marvel for its simplicity of use and clear presentation of results. Consumers will find it useful. Is it guaranteed to show you the best rate out there? Don’t know, but at least you have some information you can shop.
For the real estate professional, being able to show a prospective client this detailed mortgage information in a listing presentation (or thereafter) will go a long way in showing your ability to get information fast. Now, if you know how to do better than Mortgage Marvel, you’ll be in greater demand by the client.
Has anyone tried Mortgage Marvel? How do the rates stack up?
Technorati Tags: mortgage, home loans, compare mortgages, Mortgage Marvel
I must appreciate your work. from last couple of days i was searching for something interesting and this post is really nice.
Thanks for this nice post.
Good post! With the constant change in the mortgage markets, good up to date resources are essential.