"Enabling Underserved Communities to Level the Playing Field for Mortgage Rates."
Enabling consumers to do their homework before they shop for a mortgage, TrueLink, a leader in the field of consumer credit management tools, unveils KnowYourLoanRate.com-a service that brings an unprecedented level of transparency to the lending process to consumers historically underserved by mortgage lenders.
It is a unique online personal finance solution that allows consumers to use their own detailed credit histories and financial profiles to evaluate loan rates from the perspective of a lender.
KnowYourLoanRate.com delivers a concrete answer to the question: What is the best mortgage rate I can get?
According to Fannie Mae, up to 50% of subprime borrowers could have qualified for lower-cost, conventional financing, saving them each an average of $200,000 over the life of a 30-year loan.
This situation is exacerbated in African-American communities, where a recent HUD/U.S. Treasury report indicates that high-cost subprime loans are five times more common than in White neighborhoods.
Prime borrowers often receive inefficient rates as well. Without realizing it, consumers are consistently paying higher loan rates than those they deserve.
KnowYourLoanRate.com was created specifically to address this problem by providing consumers with the hard facts before they commit to a loan. The result is a powerful tool for ensuring that consumers receive the best loan rate.
"When it comes to the biggest purchase of our lives, we're going in blind. We are trusting mortgage brokers who may not necessarily have our best interests at heart or we are relying on rudimentary mortgage rate calculators," said Russell Schaub, CEO of TrueLink.
"Less than half of African-American families own their own homes-compared to almost three-quarters of Caucasians-and encounter higher interest rates when doing so. But now they can level the playing field.
KnowYourLoanRate.com arms borrowers with the knowledge necessary to take control of the financial aspect of the biggest purchase of their lives."
At consumers can determine the loan rates they should receive based on the same techniques used by fair lenders-an objective review of loan options using the borrower's own current credit and property appraisal information.
analyzes a consumer's credit score, credit report, home valuation and debt-to-income analysis alongside current market interest rates to deliver a suggested, unbiased personalized loan rate tailored for each consumer.
With , potential borrowers have unparalleled insight into the lending process and the ability to objectively determine their loan options.
KnowYourLoanRate.com also features a "what if" tool that reflects how a change in credit score, income, home value or other factors will impact loan rates-giving potential borrowers the chance to improve their standings before they apply for a loan.
Future releases will extend consumer control over borrowing power to auto and home equity loans.
Created by professionals with decades of experience with America's top lending institutions, TrueLink has an unrivaled ability to expose the lending process to consumers.
TrueLink's credit information-based products and services are designed to empower consumers to understand their credit worthiness and use that knowledge to actively manage their finances-eliminating debt, lowering interest rates and saving themselves thousands of dollars in interest payments.
Founded in 1995, TrueLink is led by a team of seasoned professionals with expertise in consumer credit, banking, lending and related financial services.
TrueLink develops and markets credit-based products and services that deliver value to both consumers and the nation's largest financial institutions. Operating out of New York, NY and San Luis Obispo, CA, TrueLink is majority owned by Lehman Brothers.
For more information, please visit www.truelink.com, knowyourloanrate.com, www.freecreditprofile.com and www.truecredit.com.
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