MortgageAuction Delivers $10K in Average Savings for Loan Shoppers

Out of Boston, Massachusetts, comes a new service created to remove the hassle of mortgage shopping for borrowers.

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""MortgageAuction"":http://www.mortgageauction.com/, launched in November 2012, offers online auctions to match mortgage borrowers with the lowest mortgage rates and fees from competing lenders. A free service to consumers, MortgageAuction is designed to eliminate teaser advertising rates, unwanted sales calls, and confusing quote comparisons. Borrower information is masked during the auction, removing risk of contact information getting out.

According to a company release, borrowers have saved an average $10,000 from auctions since MortgageAuction's launch.

""Online mortgage rate shopping has been a dark alley for borrowers and lenders. Borrowers are aware they need to shop for the best term, doing so has been difficult until now,"" said MortgageAuction CEO Jeff Chin. ""An open, competitive bidding model is a measurable time and money saver for the borrower while boosting the quality of the lead for lenders. The model is a clear win-win that will bring light to the mortgage industry.""