In a Nutshell
- Free mortgage planner shows you what you can afford
- Free credit score checks
- Wealth of educational tools and resources for home buyers
- Users must register in order to access services
- Full contact details required to access rates
MoneyTips at a Glance
Loan types: Purchase, Refinance
Featured Loans: Fixed, ARM
Repayment terms: Varies by lender
Minimum Down Payment: 20%
Minimum Credit Score: Varies by lender
Best for: Understanding what type of home loan you can afford
MoneyTips provides free educational tools and resources to help you get the best rates on mortgages and other financial products. Users must register to access MoneyTips’ services, but rest assured it’s all free of charge.
MoneyTips also runs a loan-comparison service that enables you to get rate quotes from multiple lenders. Its strength is in its free financial tools, which include:
- Credit score and monitoring
- Mortgage planner
- Retirement planner
- Q&A with a community of finance experts
MoneyTips is best for new homebuyers who wish to understand what they can afford and what they can qualify for before going out and applying for a home loan. When you use MoneyTips to get a rate quote, it uses your information to find the best lenders for your needs and forwards your contact details to those lenders. By sharing your details with multiple lenders, MoneyTips helps you compare lenders and get low rates.
Types of Loans
MoneyTips offers a wealth of financial services and tools. Its mortgage-related services and tools include the following:
- Mortgage planner.
Sign up for an account to use the mortgage calculator and test different rate, term, and payment scenarios. The mortgage planner shows how lenders assess your mortgage application, with information about things like loan-to-value, debt-to-income, credit requirements, and special borrower programs.
- Mortgage comparison service.
Access via the mortgage planner. Simply enter a few details about yourself and what you’re looking for. Once you’re done, you’ll be redirected to a screen with a list of top loan options. In addition, MoneyTips will have its partnering lenders contact you directly with home loan offers.
- Refinance comparison service.
Again, access via the mortgage planner. Fill in details about yourself and the amount you wish to refinance in order to see a list of top refi lenders.
- Debt optimizer.
This free tool can be used for home equity loans, as well as for credit cards or personal loans. MoneyTips facilitates balance transfers to HEL lenders, helping you lower payments and maximize tax benefits in the process.
The Application Process
Anyone can request a rate quote. Enter the mortgage planner and fill out a short online form to see a list of lenders and home loans that meet your needs.
The following are a few of the details you’ll need to enter in order to access rates:
- Phone number
- Email address
- Loan amount
- Down payment
- Type of residence (e.g. primary residence, secondary residence)
Pros and Cons
The biggest benefit to using MoneyTips is that it can help you to manage your expectations before going out and applying for a mortgage. Its free mortgage planner lets you test out different scenarios and learn how lender requirements affect your ability to get a decent rate on a home loan.
The quote tool is a good way of comparing lenders, but it’s not MoneyTips’ primary service and it therefore lacks a few of the features found at other loans marketplaces. In order to access the quote tool, you’ll first need to sign up for an account and navigate your way through the mortgage planner. The good news about the comparison tool is it’s free to use and you can use it as many times you like without your credit score being affected.
Rates and Fees – The Bare Basics
All of MoneyTips’ services are free to use, including the mortgage planner, debt optimizer, and mortgage-comparison tool. Like other loans marketplaces, MoneyTips makes its money from its partnering lenders and not from its customers. Because MoneyTips works with multiple lenders, there are no APRs, fees, or terms to speak of. These vary from lender to lender. After leaving your contact details with MoneyTips, lenders contact you directly to discuss APRs, fees, and other aspects of their mortgages.
Help & Support
MoneyTips has a team of professionals that can give you advice on mortgages and other financial topics. To speak to a pro, simply click “Ask a Pro” at the top of the MoneyTips home page. Ask any question and one of the pros will get back to you quickly with an answer. You can ask questions anonymously. In any case, MoneyTips will never display your full name. The only way to contact customer service is by filling out a contact form on its website.
If you want to learn how things like loan amount, term, and your annual income can affect the size of your mortgage, MoneyTips is a great place to start. With the MoneyTips mortgage planner, you can get free advice before searching for a home loan. Once you’re done, MoneyTips can help connect you with a variety of mortgage lenders.
- What does free registration give you access to?
When you sign in, you’ll see a dashboard displaying your credit score and links to tools. These tools include a mortgage planner, debt optimizer, credit manager, identity protector, and retirement planner.
- What does a MoneyTips paid subscription get you?
In addition to its free tools, MoneyTips offers Premium and Elite subscriptions for $8.95/month and $19.95/month respectively. These give you access to credit tools such as a reports, alerts, simulator, and tracker, as well as identity-protection tools, including insurance and lost wallet assistance.
- How Do I Contact the Lenders Listed in Mortgage Planner?
Once you have viewed the offers you will see a phone number for each lender so you can contact them and request a quote.
- Why would financial professionals give free advice?
MoneyTips works with financial pros from around the United States. These professionals give free advice to its users, in return for being able to list their services and contact details in the MoneyTips online directory.
11801 Mississippi Ave., Suite 100
Los Angeles, CA 90025