I’m sure you’ve seen the term “comparison rate” floating around, but do you know what it actually means? Why do comparison rates exist? Comparison rates were introduced to ensure consistency in the way lenders represented the cost of a loan. It allows consumers to see the total cost of a home loan, without having to delve into the small print. Because all lenders use a standard formula, we can compare the true cost of a loan before making a decision on which loan to go with. What goes in to … [Read more...]