Method and system for determining optimal loan options
Number of patents in Portfolio can not be more than 2000
United States of America Patent
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N/A
Issued Date -
Jan 6, 2005
app pub date -
Jul 1, 2003
filing date -
Jul 1, 2003
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
A loan advisory method and system that compares one or more currently available loans and recommends the loan or loans with the lowest cost over the time period the user wants to consider. A computer user is prompted for certain loan information such as the purpose of the loan, whether the user currently owns a home, and other financial information such as whether the user has any existing loans and what the user's goal would be. The invention uses real-time credit-based rates and actual underwriting rules to determine the lowest cost loans for which a user qualifies. A system incorporating the present invention includes a communications network, preferably the Internet, and a server operatively connected to the communications network, wherein the server transmits requests for a user-selected loan purpose. The server further receives a transmittal containing the user-selected loan purpose from each user station and determines which loan or loans are the most cost-effective for each of the one or more users based upon the user-selected loan purpose as well as other loan-related parameters that may be retrieved from external information sources.
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