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by Broderick Perkins
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Deadline Newsroom - Mortgage apps for iPhone, iPod reviewed
by Broderick Perkins
DeadlineNews.Com
A growing number of mortgage comparison and information apps are available from the Apple iTunes App Store network for iPhones and iPods.
The apps range from virtually useless and incomplete apps to those that can be useful adjuncts to mortgage shopping. Even the best are only adjuncts.
In addition to mortgage comparison apps that offer rates from a host of lenders and brokers, there are also mortgage calculator apps and those that monitor average mortgage interest rates, mortgage indexes and other financial indexes.
Reviews here concentrate on mortgage comparison apps, but also include one each from the two other categories.
The reviews here are unscientific and do not attempt to rate the apps or compare one app against the other, except where there was obvious similarity. These reviews only seek to report what each app offers. The reviews here are also not all-inclusive. Other apps are available.
When it comes to finding a mortgage that fits, mortgage rate comparison apps aren't silver bullets. Users still must do some leg work, perform online searches and otherwise hunt down rates that don't show up in the apps. Comparison shopping is always the best bet when it comes to finding a mortgage.
Also, some apps connect to lenders via the Internet and require users to input personal private information, including name, phone numbers and email. As is the case with any request for personal information online or off, consumers are advised to be sure to check the requesting party's privacy policy, terms of use and disclosures regarding how the app maker, lender or related third parties will use personal private information.
Fortunately, all the apps that require users to input personal information will work even if users input disingenuous information.
Search criteria
For reviews of loan comparison apps, to the extent possible, each search included these criteria: a 740 or better FICO credit score; a 30-year, fixed rate, 20 percent down, $400,000 no-cash-out loan with zero points on a $500,000 single-family detached primary residence in the 95112 ZIP Code area (San Jose, CA).
All searches for loan rate comparisons were conducted in one eight-hour period on Feb. 8, 2010.
For reviews of loan comparison apps, to the extent possible, each search included these criteria: a 740 or better FICO credit score; a 30-year, fixed rate, 20 percent down, $400,000 no-cash-out loan with zero points on a $500,000 single-family detached primary residence in the 95112 ZIP Code area (San Jose, CA).
All searches for loan rate comparisons were conducted in one eight-hour period on Feb. 8, 2010.
Loan comparison apps in alphabetical order
Erate Current Mortgage Rates Free Erate.com
There's no need to provide personal private information to search for rate comparisons for 25 loan types. In "Settings" just select the loan type, loan amount, points, purpose (purchase or refinance) and state or District of Columbia and get rates. The app requires Internet access.
The search turned up rates and information from 11 unique lenders. With each lender comes the asking mortgage interest rate, annual percentage rate (APR), points and fees in the vertical mode. Turn the app to the horizontal mode and monthly mortgage payment and the rate lock period are added to the menu. Click on any menu item to sort by that item. The sorting feature is unique to Erate.
Tap on any quote and go directly to web site of lender for more information including loan applications. The app frames the web site, allowing easy transitions back and forth between the app and the web site.
Pros: Easy to use, simple interface. App does not require or collect personal private information. Excellent use of iPhone technology. One of only two apps that provides direct access to lenders' web sites. Sorting ability is unique to the app.
Cons: Not clear how many lenders are in data base. Not property-type specific. No additional assumptions beyond settings.
Mortgage RateFinder Free Lending Tree
Lending Tree's Mortgage RateFinder is cleaner and has a more visually appealing interface than the nearly identical LoanXEngine (reviewed below), a technology partner with Lending Tree.
RateFinder offers fewer features than LoanX, the two turn up different lenders, but they operate similarly. The app requires Internet access.
In addition to loan amount and home value, plug in loan type (22 varieties); loan purpose (three types of purchases, two refinances); cashout required; buy down points; type of purchase/occupancy (primary, second home, investment); FICO credit score and the number of quotes required (5 to 30), among other variables.
Unlike the LoanX app feature, users cannot sign up for emailed rates, including target rates and best rate of the day emails.
After asking for and getting 30 quotes, half the quotes came in from a single lender, six from another lender and the rest from four or five different lenders for a total of about six or seven lenders.
Tap a quote and the page slides to a page of loan details including lender's name, loan type, loan rate, APR, points, closing costs, monthly payment, down payment and origination fees. From the loan details page, users can click "Contact me about this loan" and personal information is sent to the lender who, in turn, will contact the app user. Privacy remains intact only until users hit the "contact me" button.
Lending Tree's "Important Disclosures" (privacy policy and terms of use) link is not embedded in the app, but sends app users to its Mortgage RateFinder app page online where privacy policy and terms of use information are at the bottom of the page.
The app contains an assumptions page (upon which the rates are based); tips about requesting quotes, lenders, the app itself and network issues; and a disclosure that explains when private information is sent to the lender.
Pros: Tips are useful. Not necessary to key in authentic private information. App retains submitted information, eliminating need to repeat the process when changing variables. Easy to use after initially keying in formation.
Cons: Requirement to add private personal information (name, phone numbers and email), before obtaining quotes, is intrusive, tedious and unnecessary beyond Zip Code information for pinpointing lenders nearby. Forced visit to web site for disclosures is likewise tedious. Not clear how many lenders are in the data base. Limited lenders, little variety among lenders found in search. Not clear if the privacy policy for the web site is the same as for the app. No horizontal view.
Other mortgage apps
Calculator
Mini Mortgage Manager $0.99 Bluespark
A souped-up, self-contained, attractive mortgage calculator by a small New Zealand software company, the Mini Mortgage Manager determines your principal and interest or interest-only mortgage payment on a monthly, "fortnightly" (biweekly) or weekly basis.
Use the handy sliders to adjust the loan amount, term of the loan and the interest rate (but not points and other costs) and the app will also give you a complete amortization table including total interest paid over the life of the loan.
A "Canada" mode allows for semi-annual calculations common to Canada's mortgage lenders.
The amortization results can be emailed and then copied and pasted into a spread sheet app, but an Internet connection is not necessary.
Pros: Slick, easy to use estimating tool. Nice, clean interface. Among the highest rated mortgage calculator apps on iTunes.
Cons: Rudimentary. Limited to fixed rate, purchase mortgages only. No horizontal view.
Average rates, indexes
RateWatch Free ($4.99 Pro version) MF Software Online
RateWatch is a simple app offering, not rates from lenders, but real-time average rates, interest rate indexes and benchmark rates grabbed from an Internet connection.
The list includes (and that's all each page is, a list), seven average mortgage interest rates (30-year FRM, 15-year FRM, 30-year jumbo, 30-year FHA, etc.); eight LIBOR indexes; nine Federal Reserve rates; three CD rates and lots of advertisements across the bottom of the screen in the free version. Move up to the $4.99 Pro RateWatch to lose the advertisements.
An economic calendar offers other rates and indexes including unemployment rates, GDP, etc.
Pros: App may be handy for traders, mobile users and rate/index junkies who can't otherwise access this information while on the road.
Cons: Only fringe consumers with a penchant for trading action or those with some unusual monkey-on-their back need for 24-7 access to these indicators will find this app useful. The $4.99 Pro version (which removes ads and adds more decimal points to some indexes and rates) is overpriced compared to similar apps that are free or available for a fraction of the cost but offer a lot more.
Calculator
Mini Mortgage Manager $0.99 Bluespark
A souped-up, self-contained, attractive mortgage calculator by a small New Zealand software company, the Mini Mortgage Manager determines your principal and interest or interest-only mortgage payment on a monthly, "fortnightly" (biweekly) or weekly basis.
Use the handy sliders to adjust the loan amount, term of the loan and the interest rate (but not points and other costs) and the app will also give you a complete amortization table including total interest paid over the life of the loan.
A "Canada" mode allows for semi-annual calculations common to Canada's mortgage lenders.
The amortization results can be emailed and then copied and pasted into a spread sheet app, but an Internet connection is not necessary.
Pros: Slick, easy to use estimating tool. Nice, clean interface. Among the highest rated mortgage calculator apps on iTunes.
Cons: Rudimentary. Limited to fixed rate, purchase mortgages only. No horizontal view.
Average rates, indexes
RateWatch Free ($4.99 Pro version) MF Software Online
RateWatch is a simple app offering, not rates from lenders, but real-time average rates, interest rate indexes and benchmark rates grabbed from an Internet connection.
The list includes (and that's all each page is, a list), seven average mortgage interest rates (30-year FRM, 15-year FRM, 30-year jumbo, 30-year FHA, etc.); eight LIBOR indexes; nine Federal Reserve rates; three CD rates and lots of advertisements across the bottom of the screen in the free version. Move up to the $4.99 Pro RateWatch to lose the advertisements.
An economic calendar offers other rates and indexes including unemployment rates, GDP, etc.
Pros: App may be handy for traders, mobile users and rate/index junkies who can't otherwise access this information while on the road.
Cons: Only fringe consumers with a penchant for trading action or those with some unusual monkey-on-their back need for 24-7 access to these indicators will find this app useful. The $4.99 Pro version (which removes ads and adds more decimal points to some indexes and rates) is overpriced compared to similar apps that are free or available for a fraction of the cost but offer a lot more.
LoanXEngine Free LoanXEngine.com
A technology partner with Lending Tree, LoanXEngine boasts a search of "4,000 loan products" users can tap by plugging in certain criteria - in addition to loan amount and home value; loan type (22 varieties); loan purpose (three types of purchases; two refinance and one equity); cashout required; buy down points; type of occupancy (primary, second home, investment); FICO credit score; interest rate wanted, and how many quotes required (5 to 30); among other variables.
Otherwise nearly identical to Lending Tree's Mortgage RateFinder, LoanX claims to offer more lenders and it reveals more features.
Users can sign up for emailed rates, including target rates and best rate of the day emails. The app requires Internet access.
After asking for 30 quotes, the search returned 30 quotes, but several or more quotes each were from a total of about 10 lenders.
Tap a quote and the page slides to a page of loan details including lender's name loan rate, loan type, APR, points, closing costs, monthly payment, down payment and origination fees. From the loan details page users can click "contact me about this loan" and contact information is sent to the lender to trigger personal contact. Privacy remains intact until user hits the "contact me" button.
LoanX app clearly discloses a detailed privacy policy, its terms of use, assumptions used to gather rates. It also offers tips, contact information and a mortgage glossary.
Pros: Tips are useful. Not necessary to key in authentic private information. App retains submitted information, eliminating need to repeat the process when changing variables. Easy to use after initially keying in formation. Easily accessed disclosures and privacy policy available in the app.
Cons: Requirement to add private personal information (name, phone numbers and email), before obtaining quotes, is intrusive, tedious and unnecessary beyond Zip Code information for pinpointing lenders nearby. No horizontal view. Limited lenders found, little variety found among lenders in search.
Mortgage Marvel Free MortgageMarvel.com
Mortgage Marvel boasts access to more than 100 lenders to compare rates and fees without the need to add private personal information. The app requires Internet access.
Key in the loan amount, loan purpose (purchase and refinance with or without cash out), loan type (12); property value; ZIP Code; property use (primary, second home, investment); property type (single family, condo, plex, manufactured, coop); and the number of quotes sought, from 10 to 40.
The app contains assumptions (upon which the rates are based) and terms of use pages.
The search results include the lender, loan type, asking rate, the annual percentage rate (APR), monthly payment amount and closing costs.
Click on a quote for more details (payment schedule, all rates from the lender, etc.) and to go directly to that lender's web site and apply online. The app frames the web site, allowing quick return to the app.
A search turned up 14 quotes, but only from eight lenders, primarily credit unions (7), small banks and mortgage lenders.
Pros: Easy to use. No need to add personal private information in the app. App frames the web site making it easy to switch back and forth between the web site and the app. One of only two apps reviewed that allows users to go direct to lender's web site.
Cons: Relatively few results. Fewer lender choices within results. No horizontal view.
Broderick Perkins, DeadlineNews Group, author of this story, provides content for Erate.com. The Erate Current Mortgage Rates app is an Erate.com product.
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