LoanSnap of Southern California Launches New Mortgage Calculator for Potential Borrowers – TechCrunch
LoanSnap, a new loan services technology for banks, has launched a mortgage calculator called LoanPulse so borrowers have a clear idea of ââtheir ability to take out loans – and at what price.
Based in Southern California, the company says its new mortgage assessment tool uses the same data sources a lender would use to give buyers a window into their finances as soon as possible.
LoanSnap argues that borrowers have not had all the information available to them on how lenders value loans, leading more potential borrowers to assume they have creditworthiness when in reality they don’t. is not the case.
LoanPulse, according to the company, will provide visibility into personal finances and teach users why they might be denied a loan and how to improve their chances of receiving one before applying.
Factors that LoanSnap assesses include current interest rates, a user’s credit rating and level of debt. so that users do not have to collect all the documents themselves.
âWe want consumers to stop wasting time using traditional mortgage calculators, which are often inaccurate and based on estimated data,â said Karl Jacob, CEO of LoanSnap. “Instead, we’re giving users suggestions to improve their chances of getting the best rate on a new home loan or refinancing an existing home.”