SOURCE: Mortgage Professor LLC

Mortgage Professor LLC

July 15, 2015 06:00 ET

The Mortgage Professor Announces New "Mortgage Shopper" App for iPhone and Android

PHILADELPHIA, PA--(Marketwired - Jul 15, 2015) - Only about half of all mortgage borrowers shop before selecting a lender, and very few of those who do shop do it effectively. For a variety of reasons, this has been a devilishly difficult market to shop. But no more. The Mortgage Professor, a leading website for consumers navigating the mortgage marketplace, has released a new free app for iPhone, iPad, and Android devices. Called "The Mortgage Shopper," this app duplicates the Mortgage Shopping Rate function available on the www.mtgprofessor.com website in an easy to use app for smartphones and other mobile devices. 

The interest rate generated by the "Mortgage Shopper" app meets all the requirements for effective shopping in that it is:

  • Complete in showing all lender fees associated with the rate.
  • Fully adjusted in reflecting all the individual features of the transaction, yet
  • Anonymous in that no personal identifying information is required -- no one will call.
  • Competitive in that the rate shown is the best of those quoted by participating lenders.
  • Live in capturing the effects of market changes as soon as they occur.

According to Dr. Jack Guttentag, Chairman of The Mortgage Professor, "Borrowers can use the Mortgage Shopper app in the same way car buyers use Kelley Blue Book™ when shopping for a car. In addition, borrowers who have selected a lender can use the app on the day their loan is locked to verify that the locked rate is correct."

In addition to displaying a complete, fully adjusted, competitive, and live rate, the app also shows the user the "minimum risk rate" -- the lowest rate lenders would offer if there were no price adjustments based on risk. This is the rate lenders may advertise but it is not available to most borrowers. Knowing the minimum risk rate may induce a borrower to reconsider factors that increase the rate, such as the down payment or property type.

Jack M. Guttentag is Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania. He served as chief of the Domestic Research Division of the Federal Reserve Bank of New York; was a member of the senior staff of the National Bureau of Economic Research; and was managing editor of both The Journal of Finance and The Housing Finance Review. Prof. Guttentag has been advising consumers and the media on mortgage-related issues since assuming emeritus status in 1996.

Apple Devices:
https://itunes.apple.com/us/app/mortgage-shopper/id973320878

Android Devices:
https://play.google.com/store/apps/details?id=com.gmail.allanredstone.mortgagepricer&hl=en

Contact Information

  • For more information:
    Jack Pritchard
    for The Mortgage Professor
    704-516-5470