Rocket Loans is offering up a new calculator to help consumers understand the market.
The app lets consumers compare the rate for a new loan from one of the popular lenders, including NerdWallet, Bankrate and American Bankers Association, to other companies.
Here’s how to compare rates from Rocket Loans.
The app also allows consumers to compare the interest rate for each loan, as well as compare a loan with a specific payment schedule.
For example, the NerdWallet app gives Rocket Loans the lowest interest rate of $0.20 per month for a home loan, but the lowest monthly payment of $14.99.
The NerdWallet calculator also shows the interest and monthly payment for each Rocket Loans loan.
“We’ve tried to put as much information in the app as we can, including the monthly payment, payment schedule, and rate,” says co-founder and CEO of Rocket Loans, Mike Boulter.
Boulter says the app will help consumers find the right loan to meet their specific financial goals.
For instance, if a customer is looking for a $100,000 loan to pay off their student loans, they can enter a number in the Rocket Loans app that matches the amount of their loan, along with the Rocket Loan rate.
This will then help them decide whether to get the loan or not.
Rocket Loans is currently available in the US and Canada.
The app will soon expand to other countries and regions, including Australia, Singapore, India, and New Zealand.
What are NerdWallet’s favorite loan rates?
The app allows consumers a way to compare loan rates between different lenders.
While Rocket Loans’ average rate is $0,049, NerdWallet gives Rocket loans a lower interest rate: $0!
NerdWallet says Rocket loans rates are more affordable than some other lenders.
The Rocket Loans Calculator is available for free at NerdWallet.com.