Online mortgage calculator includes hidden fees
LOS ANGELES – June 2, 2014 – A new loan-shopping resource allows users to determine the amounts of fees rolled into a quote package and break down the cost in terms of total payouts over the time they expect to be in the house or keep the mortgage.
"My Loan Cost Calculator" from Loantech uses algorithms to "see through" the typical rate, APR and monthly payment quotes online. The tool is free and has no commercial ties to banks, investors or anybody else who has money to lend.
David I. Ginsburg, owner of the analytics firm, created the algorithms that run the calculator to address a major drawback in most online mortgage quotes.
"Until now, there was no easy way for loan shoppers" to pierce the APR curtain "to determine the amount of loan fees" lenders were adding onto deals, he explained.
Source: Los Angeles Times (06/01/14) Harney, Kenneth R.
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