Priceline Enhances Mortgage Service
NORWALK, Conn. (AP) - Priceline.com said Tuesday it will enhance its mortgage service so borrowers can get the lowest possible interest rates.
Under the new service borrowers will get at least the lowest rate when an application is made, but if rates fall before the loans close they could receive the lower figure. Previously, the rate at application was the lowest possible rate.
``Borrowers no longer need to wait to see if rates drop further before they apply for financing,'' said Pat McEnerney, president of Priceline Mortgage, a company licensed by Priceline.com.
The company, which allows customers to name their price for airline tickets, rental cars, hotel rooms and other services, has struggled amid increased competition, including a plummeting stock price and the failure of its online grocery and gasoline service, WebHouse Club.
Shares of Priceline were up 16 cents, or 7 percent, to $2.37 in late trading on the Nasdaq stock market.
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