New Feature Helps Save on One of Life's Biggest Expenses
To help people better tackle this debt, Mint.com, the leading online personal finance solution, has added a home loans feature to the "Ways to Save" portion of its award-winning tool.* The feature looks through thousands of home loan options and compares them to a person's income, debt ratio and credit worthiness — giving them a customized look at home loan options presented by multiple lenders. Using that information may help them reduce interest rates or lower monthly payments.
"Buying a home is often the biggest purchase someone makes. But the
current process for securing a home loan — whether you're buying a new
home or looking to refinance an existing mortgage — is complicated,
confusing and time consuming," said
The new feature shows how various factors, such as the size of the down payment or paying points, affect the loan rate and monthly payment. It also helps the 50 percent of Mint.com users who already own a home easily determine whether refinancing makes financial sense by showing them how different loan options might help them reduce their monthly payment or cut their interest rate. Making the right switch can mean significant savings in interest expenses over the life of a mortgage.
"You shouldn't have to be an expert to get a great loan. There's a lot of money in the balance when financing a home and we're giving people the tools they need to keep more of their money in their pockets," Patzer said. "By showing where people can reduce the cost of borrowing — by shaving a few years or points from the loan — we're educating them about the home loan process. That should help them do more with their money."
Just as Mint's technology brought unprecedented insight into day-to-day spending, the new home loan feature brings insight into various loan options — something that was previously known only by lenders.
To create the new feature, Mint worked with CreditSesame.com, an online company that provides bank-level analytics for loan offers to consumers. With information provided by users or otherwise available to Mint.com, the Credit Sesame analytics engine automatically and securely creates a complete financial profile — including current debts, loans, assets and available credit. It then evaluates that profile against thousands of products from lenders and brokers. The result is a targeted and customized list of potentially available loan options.
Anyone can try the new home loans feature for free by visiting www.mint.com and clicking on "Find Savings". Mint.com users can also access the feature in the "Ways to Save" portion of their account. If you're not a Mint.com user, sign up at www.mint.com. It's free and takes less than five minutes to set up an account.
Mint.com is a leading online personal finance software service from
Founded in 1983, Intuit had annual revenue of
*The home loans feature of "Ways to Save" contains loan option
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