AgentMortgage

Site lets borrowers see their ‘Mortgage Grade’

New tool aims to match borrowers with best rate and terms available
Published on Jun 7, 2010

Lack of information has always been a major problem for mortgage borrowers. They may not understand: the mortgage and how it works, especially if it's an ARM, interest-only, or both;the players they deal with, whether loan officer or broker, and the significance of the difference;the pricing, which in addition to the interest rate includes lender fees of different types, and third-party fees for required services, such as title insurance;the process, from inquiring, to applying, to locking, to processing, to closing;the disclosures mandated by government, which can help only the few who understand them;the loan contract, full of legalese, which borrowers usually don't get to see until the closing. The articles I have written about these issues over the last 12 years populate my website, www.mtgprofessor.com. There is another information problem, however, that is not on my list and that I have never written about until now. It wasn't too important before the financial c...

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