I had mentioned RateLadder.com in the past, but Kevin has been busy adding some great tools for lenders. I should have been bringing you up to date before now, but he’s been bringing them out faster than I write about them. Today we are going to catch up and cover three of my favorites:
- Rate Ladder’s Loan Analyzer – This is an extremely helpful tool for analyzing a particular loan. Plug a few numbers in and you’ll get historical rates for similar loans. I like to play it smart and only bid on those that are significantly above the norm.
- Next up is the Standing Order Analyzer – Given some loan criteria as inputs, it will let you know what rates you should set your standing orders at.
- Lastly there’s the IRR Lending Game – If you are a lender, you should pick up a copy of the spreadsheet and fill it out. One note of caution, you’ll need to install the XIRR function from your Microsoft Office CD. You’d think that Office would tell you that if you try to use it, but it doesn’t. Not only can this spreadsheet help you figure out your totals, but if you are a lender of some note you can enter the game.
If you are a lender, you are probably flying blind without these tools. I wouldn’t bid on another loan before checking them out.