The Mortgage Bankers Association (MBA) has released a new, free mobile application 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's Home Loan Toolkit is the latest offering of free consumer resources, joining its award-winning Home Loan Learning Center and Teen Money Learning Center Web sites.
"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, president and chief executive officer of the Mortgage Bankers Association (MBA). "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: An easy-to-use calculator that 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," said 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:
►Apple's App Store