Palo Alto, CA (PRWEB) April 18, 2013
Consumers today are expert comparison shoppers, always on the hunt for the best online or in person deal, but when it comes to their hard money mortgage, borrowers often lock in their first home loan offer. According to a new Hard Money Calculator survey of 3,822 homeowners conducted online, 96 percent of American consumers compare prices when shopping for anything, but nearly 52 percent obtain just one hard money loan quote. By comparison, when shopping for a television, consumers research an average of 6 models before making a purchase. This explains why fewer than 4 in 10 (39 percent) borrowers are very confident they received the best possible deal on their current hard money mortgage.
Based on a national sample of current homeowners who were involved in looking for their hard money loan, the study revealed 75 percent of consumers use the web to comparison shop, yet just more than 2 in 5 (39 percent) shopped online first for hard money rates. Additionally, although nearly 40 percent obtain just one hard money loan quote, more than 8 in 10 borrowers (81 percent) understand interest rates vary between hard money private lenders. Shockingly, only 1 in 10 (10 percent) understood that individual private trust deed investors usually do the actual lending through those hard money lenders.
Frustration also appears to be at the root of this hard money dilemma. According to the survey, 80 percent of borrowers find shopping for a hard money mortgage frustrating, citing the complexity of the terms (41 percent) and long drawn out process (30 percent). While only (9 percent) sited the high rate and cost as the frustration.
All Program Match data is compiled through the use of accurate, real-time, internet-based data collected from housing funding sales trends and lender behaviors such as recorded deeds and final closing statements.
Hard Money Calculator is the nation’s only online source for competitive hard money loan offers. The proprietary system empowers consumers through an online hard money loan marketplace which connects borrowers, brokers or realtors to 362 direct lenders that all compete for the hard money loan business. With the most Hard money online tools and resources to help consumers find the best non prime loans; Hard Money Calculator is the only place to find the lowest rates and the highest loan to values in each and every local market.
HardMoneyCalculator.com is averaging around 104 new funding program matches a week.
Alternative Lending Magazine is the unconventional guide to the unconventional lending market. This cutting edge interactive monthly magazine that empowers actual funding through program matching rather than lender listing uses a proprietary technology system with an automated underwriting process that evaluates consumers’ unique non-conventional loan request and their capacity to afford it. The proprietary decision-making technology is based on program matching, property eligibility, underwriting, ability to pay review, lender analytics, strategy and loan scenario modeling. The system will match the actual program that will fund a loan rather than give a list of numbers to call.
To find out more or become a regular subscriber please visit AlternativeLendingMagazine.com.