How does the prospective home buyer tell which of the myriad of mortgage loans available today might be best for him or her? One way is by harnessing the computer.
A computer service developed by Prime Rating of Sausalito, Calif., lists loan plans available from many of the state's 300-odd mortgage lenders. Since most realty offices have computer terminals, they can, for a fee, tap this information. For those without terminals, the company publishes a weekly catalog listing current loan programs. Real estate agents pay $300 annually, plus a per-usage cost. Lenders are charged an annual fee, depending on the geographical area covered, of about $7,000. There are plans for the service to go nationwide, with offices in Seattle, New Orleans, Dallas, Atlanta, Chicago, New York, and Boston.