FreeRateSearch.com Offers First Website to Provide Consumers Mortgage Rate Quotes:
Fast, Anonymous and Free
(Milwaukee WI, April 5, 2007): FreeRateSearch.com announces the launch of the first website that allows consumers to anonymously search multiple mortgage loan programs and compare the best rates available for their specific loan requests. The new service searches thousands of lender programs, from perfect credit to non-prime credit, and displays the best rate available from most of the major lenders for various types of mortgages, including fixed and adjustable rate loans. Searches are free, unlimited and anonymous.
Using search technology previously only employed by a select group of mortgage professionals, FreeRateSearch.com allows consumers to find the best "par rates" -- the rates lenders charge brokers without hidden markups. These hidden markups, called "Yield Spread Premiums" or "YSPs" in the industry, have been criticized by consumer and regulatory groups for adding anywhere from $300 to $3000 or more to mortgage loan costs.
"Using FreeRateSearch.com is like seeing the dealer invoice for your mortgage," says Gerri Detweiler, credit expert and author, and communications director for FreeRateSearch.com.
FreeRateSearch.com monitors rates for both conforming (prime credit) and non-prime loan programs, and searches thousands of program variables to provide custom quotes for consumers to compare. Rates are updated daily.
"Mortgage shopping websites have remained in the dark ages until now," Detweiler says. Consumers can get insurance quotes, airfares, or detailed price comparisons online, she explains, but if they try to find out what mortgage rate they qualify for, they will have to fill out an application and talk to one or more loan officers. That's all changing, now that FreeRateSearch.com allows consumers the ability to instantly search and compare rates.
"We don't believe consumers really want to talk to five lenders. They just want to find the best rates, and now they can do that quickly and anonymously, with no sales pressure," notes Detweiler. She adds that, because the company is not a lender or broker, results are unbiased.
About FreeRateSearch.com
FreeRateSearch.com, a service of Lender Rate Match LLC, is the first website that allows consumers to search for customized, unbiased mortgage rate information from multiple lenders, quickly and anonymously. Its mission is to help consumers save money by getting the best home loan. The service is offered by mortgage banking executives and employs proven mortgage pricing technology currently used by select mortgage underwriters, loan originators, and mortgage banking firms. Contact: Gerri Detweiler at 888-774-6280.
Note: FreeRateSearch.com and LenderRateMatch are trademarks of Lender Rate Match LLC.