Solvit Mortgage, a growing branch of PBT Bancorp, announced the launch of its new **Loan Estimate Review**, a free online tool designed to help consumers better understand and compare mortgage offers before committing to a loan.

The tool allows homebuyers and homeowners to upload a Loan Estimate they have already received from a mortgage lender. Solvit Mortgage then reviews key components of the offer in less than 2 minutes, including the interest rate, discount points, lender fees, estimated monthly payment and other loan costs.

Using access to over 30 lending sources and lender programs, Solvit Mortgage can also evaluate whether alternative pricing or loan structures may be available based on the borrower’s circumstances.

“Most borrowers understandably focus on the interest rate when they receive a mortgage quote, but the rate is only one part of the overall cost of a mortgage,” said Sam Kwak, a Mortgage Loan Originator. “Two borrowers can be quoted similar rates while paying very different amounts in points, lender fees or other costs. Our goal is to make it easier for consumers to understand what they are actually being offered.”

Mortgage lenders generally provide borrowers with a standardized Loan Estimate that outlines important terms and projected costs associated with a mortgage. This is a required document that needs to be sent to all borrowers within 3 days of submitting a loan application in accordance with Consumer Financial Protection Bureau laws.

While the standardized format makes comparison possible, evaluating competing Loan Estimates can still be difficult for consumers who are unfamiliar with mortgage pricing.

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