In a Nutshell
- Free service
- It takes only a few seconds to answer the sets of questions
- No obligations
- Isn’t a direct lender
- Won’t match you up with specific lenders
LowerMyBills at a Glance:
|Loan Types||Fixed- and variable-rate loans, refinancing|
|Featured Loans||FHA, VA, cash-out refinance, HARP|
|Repayment Terms||30-year fixed, 5/1, 10/1 ARM|
|Down Payment||0-20% minimums|
|Best for||Decreasing your current payments|
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:
- Mortgage Calculator: This tool allows you to calculate your monthly payments, interest and APR. Just enter your desired loan amount, credit status, and a few other basic details, and this tool will supply you with different mortgage options, including pros and cons for each mortgage.
- Refinance Calculator: Similar to the mortgage calculator, this tool allows users to see what a refinancing could do for their monthly payments and APR. By using it, users can understand whether or not a refi would save them money.
- Mortgage Comparison: Allows users to select different mortgages and compare the different benefits provided by each loan in one infographic. Compare between 1 or multiple types of mortgages: 30-year fixed, 15-year fixed, cash-out refinance, adjustable, FHA loans, VA loan, and HARP refinance.
- Mortgage Analysis: Analyzes your current mortgage to determine if it is the right one or if you should opt for a new one. Just enter your current rate and loan amount, and provide your mortgage goals (e.g., reducing your monthly payments). This tool will grade your current mortgage based on the details you give.
- Mortgage Advisor: Provides homeowners with customized recommendation based on their individual needs and circumstances. The user provides information about their current mortgage and financial goals. The Mortgage Advisor searches the LowerMyBills network to find the mortgage that makes most sense for those goals, and it provides a detailed recommendation to the user.
The Application Process
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:
- Loan amount
- Credit profile
- ZIP code
For the Refinance Calculator, enter your:
- Estimated current mortgage balance
- Estimated home value
- Credit profile
- Estimated interest rate
- Current monthly payment
- ZIP Code
For the Mortgage Analysis Tool:
- Select mortgage goal (from choice of: lower monthly payment, pay less interest, have a shorter term, lower rate, cash out)
- Enter monthly mortgage payment
- Mortgage balance
- Estimated home value
- Credit profile
- Interest rate
- Number of years left on your mortgage
- Zip code
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:
- How you feel about your mortgage payments (should be lower, higher, or there’s wiggle room)
- Mortgage goal (change monthly payment, change interest rate, pay off faster, cash out)
- Whether you’ve had any late mortgage payments in the past 12 months
- How tight or flexible your monthly budget is
- How many more years you plan to live in your house
- How many years until retirement
Pros and Cons
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.
Loan Terms – The Bare Basics
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.
Help & Support
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