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11. Mortgage Basics - Shopping For A Mortgage Online

Shopping For A Mortgage Online:

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 loan on the internet 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:

  • 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.
  • 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.
  • 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:

  •     Mortgage Bankers Association of America
  •     National Association of Mortgage Brokers
  •     General Services Administration's Consumer Information Center
  •     Fannie Mae
  •     Department of Housing (HUD)
  •     Veterans Administration (VA)
  •     HSH Associates

This post first appeared on HOME LOAN, please read the originial post: here

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11. Mortgage Basics - Shopping For A Mortgage Online


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