PALO ALTO, Calif. /California Newswire/ — Pureloan.com confidently demonstrates that, for the average home purchaser, its mortgage search engine provides on average $15,335 of lifetime savings in reduced interest payments by comparing loans.
These savings are achieved through the proven and age-old concept of comparison shopping, only recently made possible using Pureloan’s proprietary backend. Pureloan analyzes lender rate sheets and their related adjustments for complicated mortgage and refinance products.
Pureloan first performed a nationwide study, then used the average home value in the United States of $300,000, a loan-to-value of 80% or 20% down payment, and a 30-year fixed conventional loan type. In this typical case, Pureloan can achieve savings of 0.375% interest rate which is equivalent to $15,335 in lifetime cash savings or $43/month lower mortgage payments over 30 years of payments.
Further, Pureloan showcases its savings capabilities through two specific scenarios. First we consider an expensive apartment in an urban setting on the West Coast: a 30-year mortgage in San Francisco, California, with a $1.5 million home purchase price and a 25% or $375,000 down payment. Compared with our benchmark loan, which offers an interest rate of 3.750% and a monthly payment of $5,210, Pureloan’s best result offers an interest rate as low as 2.625% and a monthly payment of $4,519, which is equivalent to life savings of $246,616 or $701/month lower mortgage payments over 30 years of payments.
Next we illustrate our technology across different cities and different loan types, such as a 15-year home loan in Chicago, Illinois, with a $500,000 a home value and a $125,000 down payment. Compared with our benchmark loan, which offers an interest rate of 2.625% and a monthly payment of $2,523, Pureloan’s best result offers an interest rate of 1.990% and monthly payment of $2,411, which is equivalent to life savings of $13,142.
Research from the US Consumer Financial Protection Bureau states that “visiting just three lenders could save you thousands of dollars.” Pureloan.com confirms this important financial conclusion through its nationwide study and examples of various loan types and durations in San Francisco and Chicago. We welcome all users to search for personalized mortgage products and begin saving today.
Learn more at: https://www.pureloan.com/
Learn More: https://www.pureloan.com/
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Originally published on CaliforniaNewswire.com — Mortgage Comparison Shopping with Pureloan.com Leads to $15,335 Average Interest Savings