E*Trade Financial has launched an online tool that allows users to compare home loans offered by its own mortgage service with those offered by other lenders.
The online service, called Fair Compare, allows users to perform a detailed and comprehensive analysis of the total package price - rates, points and lender controlled fees - for any mortgage provider. The tool calculates the total cost of each mortgage offer in dollar terms for a specified period of time.
Consumers can enter a Good Faith Estimate (GFE) or quote secured from a lender in to the Fair Compare calculator which will in turn provide a detailed, printable shopping guide and total cost comparison to an equivalent E*Trade Mortgage product.
Robert Bernabe, head of E*Trade Financial's retail mortgage lending, says the tool is designed "to help consumers become more educated about loan pricing and the possibility that rates and fees quoted by lenders can change, enabling them to make more informed choices when selecting a mortgage lender."