Online Mortgage Loans
With more and more lending institutions establishing a presence online, it's never been easier to apply for mortgage loans over the Internet. Doing so is not only fast and convenient, but also allows you to compare multiple mortgage lenders, learn about government assist programs, and, most importantly, save money.
Dare to Compare Mortgage Lenders
Because online lenders provide you with quick loan estimates, you can get an idea of what to expect without a long and drawn-out process. This lets you compare rates, fees, and terms from numerous institutions without damaging your credit report with multiple credit inquiries. In this way, shopping for a mortgage loan online helps you make smart decisions without a lot of hassle.
Getting Government Assistance
Numerous government programs exist to help low- to moderate-income consumers become homeowners, and most national lending institutions are authorized to assist consumers with accessing these programs.
The US Department of Housing and Urban Development (HUD) offers federal assistance with mortgage rates, insurance, even down payments. Some states offer government assistance as well. In California, for instance, the California Housing Finance Agency (CalHFA) sponsors many California refinance mortgage programs to provide safe and affordable housing for consumers in a certain income range. CalHFA works in conjunction with many pre-approved lending institutions to keep your mortgage loan within your means (visit www.calhfa.ca.gov for more information).
During the online loan quote request, most lenders will ask whether you are interested in government assistance. If you click yes, they will provide you with additional information about how to access government aid. Thus, online mortgage shopping is also the fastest and most convenient way to learn more about the federal and state programs that might help you on the road to homeownership.
Save Time and Money on Your Next Mortgage Loan
Many times, consumers have access to lower rates online than they would at their neighborhood lending institution. This is because online loan application and approval is faster and cheaper for lenders, which makes it faster and cheaper for consumers as well.
Once you have submitted your information (always being sure to do so over a secure connection) and your application is approved, the lender will contact you to set up a timeline for completing the loan process. Your contract will arrive through the mail, so you can review it with your realtor, escrow company, legal advisor, etc. Assuming everything is in order, your mortgage loan can be completed - from applying online to signing the contract - in as little as two weeks.
Getting Started On Your Financial Freedom
To get started, you can visit the websites of large and well-known lenders (such as Countrywide, Washington Mutual, Wells Fargo, EMC, Chase, and Century), or you can use a loan guide or loan comparison website to find reputable lenders with competitive rates.
Using the Internet to shop for a mortgage loan gives you access to lenders from all over the country, and with all these lenders competing for your business, you're more likely to get reasonable rates and the best possible terms. Best of all, because the FTC carefully monitors online business practices, you can shop with confidence. Of course you should always choose a lender with a credible reputation and a secure website, and you should report complaints or suspicions to the FTC immediately at www.ftc.gov.
