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Product Description

We create financial tools to help people make smart decisions with loans.  Our financial tools allow people to explore different options for themselves and this results in a better understanding of the whole topic of borrowing money and paying it back.  

Whether a home loan, car loan, or college loan, people who use our tools are empowered as they can make decisions independently, and do not need to blindly trust what a banker or a loan officer tells them. 

Some mortgage websites, known as “lead-generation” sites, lead people to certain banks or certain products, and the problem with this is that people are given a small number of choices and it’s hard to know if you’re getting a good offer or not.  Oftentimes banks will pay for advertising in order to get displayed in the results pages of internet searches (for example, those that appear on page 1 of Google searches).  Loanreader offers a different kind of website.  We focus on providing an actual tool that can help people do their own calculations and their own comparisons.  And we focus on education as well.

Some of the key parts to a loan are the interest rate, the closing costs, and the timing.  It’s important to have good visibility of the numbers because it’s possible to lose money when refinancing, and not realize it.  Or, say if you are making extra payments, you may not be saving as much money as you think you are.

Our financial tools help to show the actual amount of money you will be saving before you make a decision about a loan.

Our financial tools focus on:
*  comparing loans side by side on equal terms
*  taking into account closing costs, PMI, and tax rate (tax savings)
*  showing actual dollar amounts of savings
*  showing the overall cost in the near future, not only at end of loan.

Loanreader currently offers three mortgage calculators:

1) Purchase calculator – If you are shopping for a loan and comparing bank loans side by side and want to identify the best offer, this mortgage calculator will show you the actual dollar cost/savings for each loan scenario.

2) Refinance calculator – “How much will I save if I refinance?”  This is such a common question people ask, and this is why we spent a lot of time developing the Loanreader Refinance Calculator.  This calculator is both detailed and educational.

3) Current Loan Calculator – If you would like to do a better job of managing your current loan through extra payments, or possibly by joining a biweekly payment program, this mortgage calculator with help you see through the numbers clearly before making any decisions.

Loanreader calculators handle special scenarios such as out-of-pocket closing costs, adjustable rates (ARM), balloon loans, private mortgage insurance (PMI), and even calculations for tax savings with interest deduction on the U.S. federal tax return.  The graphical results for all the calculators have the same format, and this consistency makes the numbers more understandable. 

Get more educated and save money.