RISMEDIA, July 24, 2009-Real estate website Zillow.com has introduced True Cost, a new comparison feature within Zillow Mortgage Marketplace that allows borrowers to shop anonymously across multiple loan programs, compare custom quotes and find the most affordable home loan for them.
According to the company, the True Cost feature calculates up front how much a borrower will pay in interest and fees over the time period they plan to live in the home. Borrowers can then compare the True Cost across all custom loan quotes they receive from lenders to determine the best loan for them.
“Truly shopping for a loan and comparing terms and costs on an apples-to-apples basis is excruciatingly difficult for the average consumer to do. This is why so many consumers find themselves in loans they don’t understand,” said Lloyd Frink, Zillow president. “We launched Zillow Mortgage Marketplace to change this, and to put the consumer first, by requiring lenders to break out all fees in a standard form, so consumers can compare custom loan quotes side-by-side. With True Cost, we’ve taken this comparison shopping a step further, and calculate for consumers not just what they’re paying up front or every month, but the true cost over the timeframe they plan to live in a house. This level of transparency has never before been available in mortgage shopping, online or off.”
For more information, visit www.zillow.com.
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