Inman News (06/17/08); Carter, Matt
Consumers can use REtech Group LLC's RateSpeed.com to determine the interest rate, annual percentage rate, monthly payment, yield-spread premium credit, broker/banker fees and net costs for 30-year fixed, 15-year fixed, five-year adjustable-rate and three-year adjustable-rate mortgages. They need only input their e-mail addresses and answer 19 questions about the loan they are considering, obtaining information on five loan options so that they can decide whether it is more cost-effective to "buy down" the interest rate or agree to a higher interest rate in exchange for a yield-spread premium to lower upfront their costs. Mortgage bankers and brokers will pay $499 to install the pricing tool and $199 per month for hosting, and they can customize and add the resource to their Web sites.
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