Comment by calmworm
6 days ago
Cool concept, but it doesn’t account for assumptions the sites make when displaying rates. Not something to you can really account for across the board though is it? Like “assuming a $300k loan on a home valued at $600k” to get a low 5’s rate… for example.
Definitely. Unlikely that anyone starting here will get exactly the estimated monthly payment, especially as it takes time to lock in a rate and rates can change daily. What it does do is only use APRs to give as much of an apples-to-apples comparison as can be had. Click any entry in the table to go through to the CU's site, which usually has some means of getting a more accurate rate and/or quote.
Right. It’s not a problem with the tool per se, just sort of a grey-area as far as transparency of rates for the lenders.