Upstart Web Site Takes On National Mortgage Lenders With Guaranteed Lowest Rates, Low Fees, and Quick Online Application; Financenter's Interactive Calculators Help Customers Save Money

Business Wire, March 21, 1996

TUCSON, Ariz.--(BUSINESS WIRE)--March 21, 1996--Praise for Financenter, a popular Web-based business, arrives daily by email from enthusiastic customers. Here is an example:

"I just wanted to compliment you on the wonderful rate calculations you offer. I'm a first-time home buyer, and I feel by visiting this site I am a more educated consumer. Thank you!"

According to Sherri Neasham, president and founder of Financenter, "Our site on the Internet helps you thoroughly understand and select your best home financing option without sales pressure. Additionally, because of our recent alliance with American Finance, you can also apply directly online and be guaranteed you'll get the lowest rate in the nation. As a result, customer response has been exceptional."

ONLINE CALCULATORS

At Financenter's web site, potential borrowers nationwide can educate themselves by experimenting with over 20 free online calculators. They can quickly compute their maximum loan amount, monthly payments, and closing costs. They can also calculate and compare the long-run costs and tax advantages of typical but mathematically complex decisions, including:

o Should I rent or buy?

o Should I refinance?

o Should I choose a 15 or a 30 year loan?

o Should I choose a fixed or an adjustable rate loan?

o Should I pay discount points to get a lower interest rate?

ONLINE LENDING SERVICE WITH GUARANTEES

Financenter's calculators help customers make informed borrowing decisions confidently, without dependence upon or influence by any lender. However, if they desire professional help to discuss or affirm their decision, they can ask a question and receive a prompt reply by email from an American Finance loan counselor. They can apply for a loan securely online, whenever and wherever they choose.

American Finance also provides Financenter customers with the following guarantees:

o The lowest rate and points in America on a conforming loan

o A credit decision within 48 hours of application

o Lender fees never to exceed $400

"American Finance is substantially different from other national mortgage lenders we investigated and tested," stated Neasham. "They've invested in technology, not branch offices. They lend nationwide from one location, and their lower overhead enables them to consistently offer what we, as the consumer's advocate, insisted upon -- lower rates and fees delivered conveniently online.

"As an example, American Finance's rate on March 13, 1996 on a 30 year, fixed rate loan was .5% lower than the national average rate as reported by Bank Rate Monitor. If you own a home for seven years, the .5% difference would cost you over $2,200 if your loan amount was $125,000.

"To be more explicit, the national average rate with 3.5 total points was 7.75%. American Finance was charging only 1 point for that same rate. You would have saved $3,125 in upfront cash by applying for your $125,000 loan through Financenter." (One point equals one percent of the loan amount).

Financenter's web address is http://www.financenter.com. The site also provides data, calculators, and online applications for credit cards and auto purchasing and leasing. -0-

NOTE: The following Financenter customers are willing to be contacted:

Matt Lekawa, 816/854-3101; 816/478-3174 (home)

email: zlek131@tyrell.net

Tariq Z. Khawaja

email: Tariq_Khawaja@stortek.com

David Johnson

email: djohnson@bnlls1.nsls.bnl.gov

CONTACT: Financenter Inc., Tucson

Sherri Neasham, 520/299-0052

neasham@financenter.com

or

American Finance and Investment Inc., Fairfax, Va.

Jack Rodgers, 800/562-5674, ext. 121

jack@loanshop.com