WASHINGTON, D.C. – July 22, 2011 – (RealEstateRama) — The Mortgage Bankers Association released a new, free mobile application today for iPhone and Android devices designed to help perspective homebuyers better navigate the mortgage process. MBA’s Home Loan Toolkit features a “How Much Home Can I Afford?” calculator, a mortgage-term glossary and an exclusive MBA interest rate feed.”MBA has long supported increasing understanding of and transparency in the mortgage process in order to foster better consumer education and protection,” said David H. Stevens, MBA’s President and CEO. “This free application will help borrowers better navigate the mortgage process and understand their home financing options.”
MBA’s Home Loan Took Kit features:
-“How Much Home Can I Afford” Calculator. This easy-to-use calculator allows current and prospective borrowers to enter their current income and monthly debt payments and calculate how much mortgage they might qualify for. The calculator includes an estimated interest rate from MBA (see interest rate feed below), or allows the borrower to enter their own rate.
-MBA Interest Rate Feed. This exclusive feature provides average contract interest rates (not counting points and fees) for 30 year fixed and 15 year fixed-rate mortgages, based on MBA’s Weekly Applications Survey. The rates are based on data collected the previous week and do not necessarily reflect currently available rates. Not all borrowers will qualify for the published rate.
-Mortgage Term Glossary featuring simple definitions of more than 1,300 common financial terms.
“Once a borrower downloads this app, they can access the information anywhere,” continued Stevens. “The mortgage process is complicated and confusing, even for the most financially literate consumer. MBA’s Home Loan Toolkit is designed to present important information in the most user-friendly way possible, and ultimately help a prospective borrower make wise, informed choices as they make, what is for many, the largest financial purchase of their lives.”
MBA’s Home Loan Toolkit can be downloaded for free at:
For more information, please visit MBA’s Consumer Resource Center here.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mortgagebankers.org