With home prices on the rise, there is good news for homeowners: You have untapped home equity waiting to be turned into cash. Ask a Lender — a Seattle-based startup that has compiled the nation’s largest database of real estate loan programs — has released new technology to help you maximize the amount of cash you can get out of your home.
“Homeowners nationwide are enjoying record-high levels of equity in their homes,” says Ask a Lender’s CEO and founder, Brian B. Simmons. “It is the best time to consider a cash-out refinance to finance your home improvements, business needs or any other major expenses.”
A cash-out refinance is one of the best ways to tap into your home equity. The process is simple: You take out a new mortgage for more than you currently owe, pay off the old loan, and keep the difference in cash. But getting the best possible rate makes all the difference — it can save you thousands of dollars over the life of the loan. You also can save hundreds or thousands on all the other fees and costs associated with refinancing a mortgage.
How do you get the best rate? By comparing lenders. It’s a lot more difficult to compare the cost of loans than it is to compare the cost of, say, computers or televisions. But Ask a Lender has changed the game, offering a completely new tool that allows everyone to compare lenders simply and easily.
Ask a Lender is powered by lender-matching technology that tracks as many as 6,000 distinct data points to match your queries with the right mortgage lenders or brokers for you. The technology simply pairs you with the best lender for you and your exact situation.
Other platforms promise to help you compare lenders or rates, but in reality, they merely sell your personal information to the highest bidder. The result? You’re bombarded with unwanted calls and emails. Ask a Lender protects your personal information and puts you in the driver’s seat — you decide which lenders to contact, and when.
“The existing models depend on concealing information from both parties: the borrower and the lender,” Simmons says. “One of the things we like about our platform is that we just take away all the smoke and mirrors, and borrowers can see all the information about a lender.”
Ask a Lender displays lenders’ full contact information. It’s totally up to you if you want to call a lender, request a rate quote, or email them — or, you can just come back another time with no strings attached.
With the freedom to search as much as you want without giving up your personal information, it’s no surprise that Ask a Lender is revolutionizing the way people find lenders and take out loans. A few minutes at your computer or on your phone can open up an entire world of savings.
If you don’t find the best rate for your cash-out refinance, you’re leaving money on the table — money that could help complete a home-remodeling project or grow your business. Think about all the possibilities that come with getting the most cash out of your home today.