With all of the problems many Americans are having with mortgage payments, it only makes sense for financial applications to add mortgage components. Mint.com has apparently risen to the occasion with its new home loan feature, which is part of the “Ways to Save” component of the web application.
The feature scours through “thousands of home loan options”, studying your income, debt ratio, and credit to formulate the best course of action for you. The goal is to help users lower their interest rates and/or monthly payments.
Mortgage payments make up 65 percent of all consumer debt, says the Federal Reserve, and 50 percent of Mint.com users already own homes. This new feature should help them make informed decisions about refinancing and the various savings they can expect to get over time. For potential homeowners, they can learn how interest rates, the size of down payments, and other factors affect their mortgages.
“You shouldn’t have to be an expert to get a great loan. There’s a lot of money in the balance when financing a home and we’re giving people the tools they need to keep more of their money in their pockets,” Patzer said. “By showing where people can reduce the cost of borrowing – by shaving a few years or points from the loan – we’re educating them about the home loan process. That should help them do more with their money.”
The technology behind the home loan feature at Mint.com comes from Mint’s collaboration with CreditSesame.com, which developed an engine to create a financial profile for borrowers that includes assets, credit, debts, and loans. The engine takes that data and analyzes it, targeting the best products from lending institutions.
Mint.com is an online financial service owned by Inuit Inc., the company responsible for QuickBooks, Quicken, and Turbo Tax. Mint interprets all of a user’s financial account information and provides them with easy ways to manage and track their money.