If you’re looking for a mortgage like I am, there’s a brand new site you should check out   --  FreeRateSearch.com -- which searches through thousands of loan programs to find the best rates you can get. Whether you have perfect credit or you fit into the sub-prime category, whether you want a fixed or adjustable rate loan, whether you’re shopping for a new mortgage or a refi, I urge you to check out the free, unlimited, anonymous searches that you can do with FreeRateSearch.com.

The search results you’ll get are the “par rates” for your situation –- the rock-bottom rate lenders charge brokers -- without the hidden markups that usually get passed on to homeowners and add anywhere from $300 to $3,000 … or more … to the cost of borrowing. It’s the equivalent of getting the dealer invoice price for a car, and puts you in a position to negotiate the best rate.

Knowledge Is Power
One of the people who brought FreeRateSearch.com to life is my co-author, co-blogger, and dear friend, credit expert Gerri Detweiler. I did some research for the site and was one of the first people to put it through its paces. Little did I know that just a few months later, I would be mortgage shopping (a long story) --  and the first writer to get the word out about this new site! It’s a scoop for me and for Creditbloggers!

I’m so glad FreeRateSearch.com exists, and that it’s such a snap to find out the par rate for my different loan scenarios. It is going to be a lot easier for me to get the best deal. The same will be true for all borrowers who use FreeRateSearch.com, especially those of us who have traditionally had to pay more for mortgages –- women, people of color, and everyone with a spotty credit history.

Before, without the par rate information, we were at the mercy of lenders. Now we can say, “No!” to hidden markups (aka “yield spread premiums” or YSPs) that allow loan originators to get lender kickbacks of anywhere from 1 – 5% or more of the loan amount.

I know this insider mortgage stuff is Greek to most of us, so to be clear, many loan officers will often pad their commission with a hidden lender kickback by quoting a rate higher than the par rate. And they may even charge an origination fee on top of that! Thanks to FreeRateSearch.com, I belileve we can put an end to loan officers sneaking in commissions -– because we can find out the par rate and negotiate from there.

It’s a Whole New Ballgame
For years, it’s been a piece of cake to get accurate online price quotes for insurance, airfares, and cars. It’s great to finally be able to do the same thing for mortgages. I don’t see the benefit of sites like LendingTree, where you have to provide a lot of personal information only to have five lenders call you. I certainly have no interest in fielding the calls from mortgage brokers and bankers just because I want to find out a rate. Nor do I want to pay for the privilege of finding out what my options are for making a lender a lot of money. TransUnion recently came out with a “Mortgage Simulator” that for $9.95 will deliver “a listing of mortgage rates for which an applicant should qualify, based on a nationwide survey of rates.” Thanks, but no.

I much prefer the  “no strings,” “no one will call,” instant access to the real numbers that FreeRateSearch.com provides.  Give it a shot and let us know what you think.