PALO ALTO, California – Pureloan.com makes it easy to compare your loan options when refinancing. Using their proprietary mortgage search, homeowners find that they save an average of $8,401 in lower interest payments over the life of their loan. Pureloan makes it possible by providing a simple to use loan comparison tool that enables homeowners to compare hundreds of lenders and mortgage programs at one time.
To come up with the average savings, Pureloan uses lender rate sheets and common rate adjustments for specific situations that cause lenders to increase rates. Pureloan used a national average home value of $330,000 based on their nationwide study and an outstanding loan amount of $198,000 on a 30-year fixed conventional loan, which is a loan-to-value of 60 percent. In their study, Pureloan found homeowners could save an average of 0.375 percent or $8,401 in lifetime interest savings. This amounts to $23 savings per month over 360 payments (30 years).
Pureloan furthered its studies by looking at two specific refinancing scenarios – one rate/term refinance and one cash-out refi.
In the rate/term refinance, they used a single-family home 30-yr refinancing in Phoenix, AZ with a home value of $270,000 and $108,000 in equity (40 percent). Pureloan was able to find a refinance loan with an interest rate of 2.25 percent versus the average 2.625 percent most lenders were offering. The payment difference amounted to $32 a month or $12,457 over the life of the 30-year term.
In the cash-out refinance sample, Pureloan looked at a 15-yr cash-out refi in San Diego, CA with a $680,000 home value and 50 percent equity ($340,000). In the cash-out refinance, they added $100,000 for home improvements. Pureloan was able to find a 1.75 percent interest rate on a 15-year cash-out refinance versus the average 2.5 percent most lenders were offering. The payment difference amounted to $118 a month, or $20,696 over the life of the 15-year loan.
The studies conducted by Pureloan.com nationwide as well as in Phoeniz, Arizona and San Diego, California confirm the importance of shopping around for interest rates. The US Consumer Financial Protection Bureau suggests that borrowers get quotes from at least three lenders to secure the most attractive interest rates for your refinance loan. Pureloan.com makes it easy to find the lowest rate while reducing the work involved in applying with multiple lenders just to find the lowest refinance rates possible.
Company Name: Pureloan.com
Contact Person: Jonathon Grucelski
Email: Send Email
Country: United States