New Online Calculator Makes Fees in Mortgage Offers Transparent

A new loan-shopping resource will allow users to determine the amounts of fees that are 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. | Read More