Test My Loan Saves Home Loan Shoppers $1.1 Million in September

STUART, FL-- BEXT, Inc. announces the launch of Test My Loan, their one-of-a-kind consumer advocate solution that every loan shopper in America can now use while securing their new home purchase or refinancing. Test My Loan’s free service helps borrowers identify hidden, unnecessary, and inflated fees during the loan process.

“It’s an unfortunate fact that 83% of home loan borrowers in this country are overcharged an average of $1,200 on their loan. Most borrowers lack the industry knowledge needed to identify overcharges and junk fees,” says BEXT, Inc. President and Chief Executive Officer Scott Messina. “Test My Loan will change all that. Our service provides the information home loan shoppers need so they can make the best possible financial decisions and perhaps save thousands of dollars in the process.”

Test My Loan is an independent third party consumer advocate service that provides solutions for loan shoppers in every phase of the borrowing process. For borrowers still shopping for a lender, Test My Loan can offer a shortcut by recommending a certified lender from the Test My Loan network that is committed to the company’s cause – to wipe out excessive loan overcharges.

For borrowers who already have a quote from a mortgage provider, Test My Loan offers a free second opinion and alerts them to overcharges in their loan forms. Loan forms are standard throughout the mortgage industry so regardless if the borrower is working with a lender, broker, national or local mortgage company, Test My Loan can help.

Test My Loan’s website allows borrowers already working with a lender to enter the fees listed in their Good Faith Estimate into an easy-to-use calculator. The borrower is informed instantly if they’re being asked to pay more than they should. The borrower then receives a report via email telling them exactly where they’ve been overcharged.

The website then gives borrowers who find out they’ve been overcharged the option of receiving a free, no-obligation quote from a certified lender on the Test My Loan network. Test My Loan’s lender recommendation comes with an impressive guarantee – if one of their certified lenders cannot offer a better deal, Test My Loan will pay the borrower’s first month’s mortgage payment.

“Our goal is to make a visit to TestMyLoan.com an integral part of the loan process for every borrower in America. You shouldn’t have to be an industry expert to know if you’re being overcharged. Just last month alone, Test My Loan alerted loan shoppers to over $1.1 million in overcharges that until now lenders were getting away with charging to unsuspecting borrowers,” says Messina. “Test My Loan puts the borrower in charge of the process by giving them the facts and in some cases, a better alternative, so they can make a smarter, more confident borrowing decision.”v About BEXT, Inc. and Test My Loan

BEXT, Inc. is the premiere provider of products and services that are designed to promote ethical industry practices for mortgage loan originators and real estate professionals. Test My Loan is a consumer advocate service designed to arm loan shoppers with education, information, and significant financial savings. Test My Loan takes the guesswork out of deciphering confusing loan forms and uncovers hidden, unnecessary, and inflated fees. The service offers a free loan form review and a certified lender recommendation.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.