The Rate My Rate tool can read information from a borrower’s Loan Estimate form and run that information through the eLEND system to compare loans in five categories:
• Loan costs over five years
• Principal paid in five years
• Annual percentage rate
• Total interest percentage
• Total loan cost
Although this pricing information is important for consumers to understand, it’s essential that they dig deeper to find out about the reputation of the lender offering each loan.
Borrowers need to be confident that the lender will fund the mortgage and complete the loan on time so that they can reach settlement without complications caused by the lender.
For information on eLEND’s Rate My Rate mobile loan estimate comparison tool, visit www.elend.com/my-loan-center/#/compare.
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