|Loan Types||Fixed- and variable-rate loans, refinancing|
|Features||Mortgage calculator, comparisons|
|Repayment Terms||Depends on borrower|
|Pro||Free advisory tools|
|Con||Not a direct lender|
|Best for||Researching your options|
LowerMyBills.com offers a free online service for consumers to compare, calculate and analyze their home loan and refinancing options. Users can compare between different types of mortgage and refinance loans and have their current home loan graded – all by filling in a few basic details about themselves.
This service is suitable for anyone who needs a new mortgage or refinance, and who wants to educate themselves about suitable loan options before speaking directly to lenders. It’s perfect for comparing your options and loan types.
LowerMyBills.com isn’t a direct lender or broker, and it can’t pre-qualify you with any lender. It simply offers a number of handy tools for understanding what type of mortgage is right for you. These include:
As LowerMyBills doesn’t act as a broker or lender, there isn’t really any need for you to go through an application process or to enter your contact details or other sensitive information. To use LowerMyBills’ free tools, all you’ll need to do is fill in the relevant information for that specific tool.
For example, to use the Mortgage Calculator, simply enter your:
For the Refinance Calculator, enter your:
For the Mortgage Analysis Tool:
For the Mortgage Advisor, the form will begin with a few basic questions about your home value, mortgage balance, interest rate, and the property use (i.e. primary residence, secondary home, or investment property). Depending on your answers, it will then lead to a set of secondary questions in order to grade your mortgage. Examples of secondary questions:
|Free service||Isn’t a direct lender|
|It takes only a few seconds to answer the sets of questions||Won’t match you up with specific lenders|
|No sharing of sensitive contact information|
LowerMyBills is solely an advisory service, so it won’t match you up with lenders or home loans in the same way as online lending marketplaces. The best time to use this service is right at the beginning of your research. Rather than spending time compiling information from multiple sources, you can find it all in the one spot. Whether you’re after a home loan or refi, LowerMyBills can pinpoint the best option for you just by providing some basic information. Based on that information, you can then go in search of a lender from a position of strength.
As LowerMyBills is purely an advisor, there aren’t any loan terms per se. However, it can advise you on what loan terms you can secure for your needs. For example, we put the following information in the Mortgage Calculator tool: Loan Amount $200,000 to $210,000; credit profile – good (620 to 719); zip code – 95134 (San Jose, CA). LowerMyBills said we could secure the following terms: for a 30-year fixed rate, 4.25% APR with $1,009 monthly payment; for 15-year fixed rate, 3.79% APR with $1,499 monthly payment; for a 5/1-year ARM, 4.24% APR with $1,008 monthly payment.
This service provides information on all types of home loans: 30-year fixed rate, 15-year fixed rate, variable rate, FHA loan, and more.
LowerMyBills’ entire service is based around its automated online tools. It doesn’t provide any additional forms of support, though its website is comprehensive.
LowerMyBills.com provides a completely free service that should be the first point of call for anyone short of time and in need of a home loan or refinance. Through its automated tools, users can calculate, compare and analyze the value of different types of loans for their individual needs.
LMB Services, Inc.
4859 W Slauson Ave #405
Los Angeles, CA 90056