Applying for a Home Mortgage Loan Online - The Pros and Cons

If you have considered applying for a home loan mortgage online, there are a few pros and cons to think about with getting a home mortgage loan online:

Pros:

1. The process of applying for an online home mortgage loan is very simple, unlike some lenders who operate in the 'real' world and ask for heaps of information.

2. The fees, when applying for a home mortgage loan online, can be considerably cheaper than the mortgages in the 'real' world.

3. Online home loan mortgages tend to offer a great variety of mortgage loan programs, including more flexible repayment terms and lower rates of interest.

4. Online mortgages are usually easier for borrowers who have bad credit history to obtain. Also, online mortgage loan websites do tend to offer more alternatives to those with a bad credit history.

5. Normally you find out faster if your home loan mortgage application has been pre?approved if you apply online. This means you can move on and apply with other lenders faster, if you don't get approved the first time.

Cons:

1. Not all online home loan mortgage lenders have representation in all 50 states ? so if you do apply for a mortgage loan online, make sure they're represented in your home state.

2. Accountability can be a problem ? you really need to stay on top of things, which can be troublesome if you don't know what you're doing.

3. You may be getting the deal that best suits their needs, not yours.

4. Sometimes you have to pay an application fee even before you know if your application has been successful ? something that is not always the case in the 'real' world.

5. If things go wrong, and your online home loan mortgage provider doesn't come through, there's no formal organization you can complain to.

So, while applying for a home loan mortgage online may be a good idea, to keep your options open you may also want to talk with a real estate broker in the 'real world' about applying for your home loan mortgage. That way you can make your final decision of who to go with when you are closer to locking in the loan.

To see our list of recommended mortgage lenders online, visit this page: Recommended Mortgage Lenders

Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.

---

Home Mortgages: Think Before You Borrow

In today's overheated housing market, lenders are making it easier... Read More

5 Tips for Savvy Use of Your Home Equity Line of Credit

Tapping your home's equity to pay college expenses, consolidate credit... Read More

Home Equity Loans Can Provide Cash in a Hurry

Think About the Long Term. Estimate how long you expect... Read More

Poor Credit Home Mortgage Loans - The Role of the FICO Score

If you have bad credit history and are looking to... Read More

Home Mortgage Loan Pre-Approval Online ? Keys When Applying For A Mortgage Online

Applying online for a mortgage is very fast and easy.... Read More

Mortgage Advice

In the US today more households have mortgages than ever... Read More

Bad Credit Loans Authenticate What Is Positive About Bad Credit

This might not be the front page news but it... Read More

FHA Mortgage: Whats the Best Way to Show an Underwriter that Youre Ready to Buy a House?

Mortgage underwriters can be a suspicious bunch. If you have... Read More

Mortgage: Rehabilitation Of Financial Helplessness

The term 'mortgage' is assumed really controversial by people when... Read More

Repayment of Loans ? Lessening the Bitterness of the Process

So how have you planned the repayment? Don't tell if... Read More

Before You Buy

Before you start looking for a home, figure out what... Read More

Mortgage Calculator ? How to Calculate Your Monthly Mortgage Payment

Just starting to shop for a new home? Do you... Read More

How Good a Deal Is Your Banks Mortgage Insurance Plan?

When you go to the bank to get a mortgage,... Read More

Finding the Best Mortgage Lender Online

Finding the best mortgage lender online is simply a matter... Read More

Flexible Mortgages - Offering Relief from the Fixed Mortgage

A pension mortgage may seem lucrative at the first sight.... Read More

Refinance Mortgage Rate and Mortgage Rates

Refinance mortgage rate is the best rate available to qualified... Read More

Biweekly Mortgage

The biweekly mortgage has been around for years but with... Read More

What is a Repayment Mortgage?

A repayment mortgage is the type of mortgage that most... Read More

Adjustable vs Fixed Rate Mortgages

Mortgage rates can either be fixed for the duration of... Read More

Bad Credit? First Time Buyer? You Can Still Get Approved For A Home Mortgage Loan

Do you have bad credit that you worry will stop... Read More

Refinance Mortgage Loan ? Tips on Refinancing Your Home Mortgage

Refinancing your home mortgage can come with some great perks.... Read More

The Debt Test: Are You Making Out a Mountain Out of Your Mortgage?

According to the Council of Mortgage Lenders, first-time buyers are... Read More

Finding the Best Home Improvement Loans

When the time comes to do work around the house,... Read More

First-time House Buyers: to Buy or Not to Buy; that is the Question

Buying your first house is always a difficult time. There... Read More

Homeowner Loans ? Drawing Lessons of the Past

Loans are not of a recent origin. People used to... Read More

Mortgage ? What, Why, When, and How?

What is a mortgage? Here's what The New Merriam ?... Read More

Home Equity Loan ? Beware of Equity Stripping Scam

The market for mortgage refinancing has been brisk during the... Read More

Mortgage Lead and Mortgage Leads

A mortgage lead is an exciting thing because you are... Read More

Buying a New Home ? Home Buying Tips

If you in the process of looking for your first... Read More

Home Equity Loan Improvements

There's more Regulation Z compliance on the way, courtesy of... Read More

How To Tap In To Your Home Equity

With today's relatively low interest rates and climbing property values,... Read More

Mortgage Sales Hit Problems

The housing market has been buoyant over the past few... Read More

Why Choose a Home Improvement Loan?

Many people choose to take out home improvement loans so... Read More