Credit Sesame’s Interactive Mortgage Map Visually Compares Your Mortgage Loan Options
If you’re thinking about refinancing your mortgage or purchasing a home, Credit Sesame’s new mortgage comparison tool can quickly sort out the confusing mess of mortgage types and options. Plug in your numbers and get a chart listing your options by lowest cost.
Based on the information you enter, such as your interest rate, loan balance, and credit score, your lowest-cost option might be a variable-rate loan. But if you prefer a fixed-rate option, you can just look down the list to see the lowest-cost option—with total savings over the life of the loan and how much the monthly payment will be.
You can use the tool’s sliders to play around with the variables such as for how long you want to keep the loan for and if you’ll pay points on your closing.
In an interview with The New York Times, Credit Sesame founder Adrian Nazari said the site works with a broad range of large national lenders. When I tried the tool, clicking the contact lender button directed me to two different mortgage brokers on two different occasions.
It’s nice that you can play around with the comparison tool without entering personal information upfront.