Buying a home can be an exciting prospect, but there are definitely a few hoops you’ll have to jump through before you can sign on the dotted line and get the keys to your new home. First and foremost, you have to seek properties that interest you. And although you likely have a price range in mind, along with a list of amenities (number of rooms, neighborhood, and so on), it could still be difficult to find the home that is perfect for you and your family. Then you have to get approved for a loan, put in an offer, and get through escrow before you can start the process of moving in. Of course, the main concern for most people, once they’ve found the home of their dreams, is the cost. And if you can find a way to bring it down there’s no reason you wouldn’t. In this regard, the ERATE application can help you.

In a nutshell, this app gives you access to current mortgage rates, by lender, so you can directly compare competitive rates for CashCall, Amerisave, Quicken Loans, and all kinds of other lenders. In addition, you have dozens of options when it comes to searching for the best rates for your home loan. You can search for adjustable or fixed rates in common increments like 15 or 30 years, as well as interest-only and jumbo options, amongst other things. And in addition to the rates offered by each lender, the app also provides intel on APR, points, fees, monthly payments (based on the loan amount), and periods for locking in rates. So it not only delivers a current snapshot of where mortgage rates are at, but it also works as a mortgage calculator to help home buyers figure out what they’ll actually be paying on a monthly basis. This can extremely handy for both those that are looking to purchase a home and those that are interested in refinancing a loan for the property they already have.

But it doesn’t end there. You might think that the app has outlived its usefulness once you’ve completed your home purchase or refi, but it goes a step further by providing users with credit card rates. There are several criteria that you can search by in this area, as well, such as best rewards, lowest APR, no annual fees, and the best cards for students, small businesses, and so on. In addition, the app will sort your results according to categories like introductory rates (and periods), annual rates, the type of rate, and even annual and late fees associated with the card. So you can narrow your search according to specific features you’re seeking.

This freebie for the iPhone, iPad, and iPod Touch is designed to work in both portrait and landscape mode so that you can view all of your data on one screen (without having to scroll sideways as well as up and down). In addition, the app is ad-free. But aside from the ease of use, the main draw of this app is obvious. You’ll have to go elsewhere for home insurance rates (like mortgagelifeinsurance.org.uk), but ERATE can provide you with the information you need to buy a home, refinance the one you’ve got, or upgrade to a better credit card with current interest rates and a slew of search options.

Editor’s Note

Thanks to Evan Fischer for this guest post. He is a freelance writer and part-time student at California Lutheran University in Thousand Oaks, California.

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