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Shopping For A
Mortgage Online
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The internet can
provide a wealth of information to assist in the
process of securing a mortgage loan. It's
possible to find advice on how to go about it,
online
calculators to help you figure out your
payments, current mortgage interest rates,
listings of mortgage lenders and brokers in your
area, and even online applications from banks
and credit unions. More often now, you also have
the option of applying for a mortgage loan
online. Shopping for a mortgage online can provide certain advantages such as
reduced pressure and being able to shop at your
own time, and in some cases, can offer a slight
saving over traditional methods. Below is some
advice for if you do choose to shop, or even
apply, for a home mortgage online:
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Many
Internet sites that offer directory listings
of various mortgage lenders and brokers
often charge a fee to either get on the list
or to gain a more visible position on the
list. Therefore, do some investigation and
find out how the lists are compiled, or you
may find yourself contacting only those who
are willing to pay more, and not necessarily
the most qualified.
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Always
check to make sure the website is secure.
This can be verified either by a key symbol
in the bottom right hand corner of Netscape
Navigator. For Internet Explorer, the symbol
is a padlock. If the key is broken or the
padlock is open, then the website is not
secure. Also, be wary of giving out personal
information online.
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Even if you
do happen to find a promising lender online,
contact them in person to ensure that all
your questions are answered. If they offer a
mortgage application online, print it out,
then send it via mail or deliver it in
person. Buying a home may be the one of the
biggest financial commitments you will ever
make, and nothing beats having a helpful
personal representative who can help guide
you through the process.
Here is a list
of some useful websites when shopping for a home
mortgage online:
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Mortgage
Bankers Association of America
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National
Association of Mortgage Brokers
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General
Services Administration's (GSA)
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Fannie Mae
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Department
of Housing (HUD)
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Veterans
Administration (VA)
·
HSH Associates
Mortgage Glossary6
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