Mortgage lenders have set up shop online, but they aren't all reputable mortgage brokers. To find a good mortgage lender you need to compare rates and research to find reputable companies.
Mortgage Broker Services
A mortgage broker works with several lenders to find the best financing for the purchase of a home. No matter if you have perfect credit or bad credit, typically a mortgage broker can find you a lower mortgage rate than if you went with your neighborhood bank.
It is important to remember that brokers are paid by adding on a fee or point to the loan, so you should do comparison shopping even with a mortgage broker.
One Stop Shopping
Online mortgage brokers have reduced time spent comparing mortgage lenders by consolidating information about several lenders into one site. Through such mortgage sites, you only enter your information once to receive interest rates from several different mortgage lenders.
Compare Rates And Fees
While online mortgage brokers make getting quotes easy, it is important to still take the time to compare rates. Your mortgage rate will be based on current interest rates, the property's location, your credit score, and employment history. If you receive a rate quote without providing this detailed information, then you are just getting a general estimate.
General estimates for mortgage rates are still a useful tool to narrow your choices to at least three lenders. You can then apply for a true mortgage estimate with the most promising companies. With these true mortgage quotes, look at both the rates and fees to determine the actual cost of the loan.
Research Reputable Companies
Interest rates aren't the only factor to consider when comparing mortgage lenders. You should also be comfortable with the lender's reputation. Unfortunately, there is not a list of reputable mortgage lenders, but common sense can protect you from a bad mortgage lender.
First, do research on your top choices for mortgage lenders. Check out the lender's website to find their physical location, list of terms, and available customer support. Secondly, beware of too good to be true claims, such as statements that this is the only company that will finance your mortgage loan. And finally, do not sign any blank forms from a lender. You don't know what they add later.
To view our list of recommended mortgage lenders online, visit this page: Recommended Mortgage Lenders Online.
Carrie Reeder is the owner of ABC Loan Guide, an informational website online about various types of loans.
Whether you are planning to purchase a home for the... Read More
Just because you have negative items on your credit report... Read More
An offset mortgage is very similar to a current account... Read More
A new survey reveals that in the last five years,... Read More
If you are in the market for a home equity... Read More
There was a time that seems like decades ago when... Read More
While trying to find the lowest rates, many homeowners fail... Read More
A fixed-rate mortgage is a mortgage on which the interest... Read More
The power of home equity and interest-only payments, provided from... Read More
If you are considering a new home loan anytime soon,... Read More
For years, when someone wanted to purchase or refinance a... Read More
If you have less than perfect credit and are looking... Read More
As is the case when applying for any mortgage, be... Read More
Most people approach the act of getting a home mortgage... Read More
Add the term 'online' and it will open for you... Read More
"I've been renting for years now; I've always paid my... Read More
As a first time home buyer, there are several things... Read More
If you have a recent bankruptcy on your credit and... Read More
Since the demise of the stock market in 2000, the... Read More
Owing to the popularity of home equity loans, there are... Read More
You've heard that interest rates are down and you think... Read More
Tuition costs are climbing, housing costs are climbing, it seems... Read More
Homeowner - does this term catch your attention every time... Read More
Using a home equity loan to get out of debt... Read More
In other words, the benefit of the loan must outlast... Read More
One of the biggest reasons homeowners refinance their mortgage is... Read More
Whether you need some extra cash to pay off some... Read More
With the low interest rates being offered by lenders today,... Read More
Drive around and see how many signs you see that... Read More
Refinancing online is a great opportunity to find low interest... Read More
The term 'mortgage' is assumed really controversial by people when... Read More
What could you do with $10,000? Well, you can have... Read More
As the term implies, with a fixed rate mortgage the... Read More
Most people choose a home owner loan as it can... Read More
What happened to the days of a 15 or 30... Read More
In today's overheated housing market, lenders are making it easier... Read More
You've been looking at houses for months, and finally you've... Read More
Getting the cheapest home improvement loans isn't always easy. It... Read More
I fully realize if it sounds too good to be... Read More
One of the biggest reasons homeowners refinance their mortgage is... Read More
If you are transferring to the Kings Bay Georgia Naval... Read More
Are you one of the millions of Americans who will... Read More
How To Release Equity Locked Up In Your Home For... Read More
Current economic scene has hinted towards a fall in the... Read More
When you go to the bank to get a mortgage,... Read More
I read a press release the other day which points... Read More
Here is a useful guide to interest only mortgages. An... Read More
A problem that often arises when people try to refinance... Read More
By refinancing your property online you can take advantage of... Read More
Loans are not of a recent origin. People used to... Read More
Procuration fees paid by some sub-prime lenders are too high.Fact.There... Read More
One of the biggest reasons homeowners refinance their mortgage is... Read More
Are you considering applying for direct homeowner loans? Perhaps you're... Read More
What could you do with $10,000? Well, you can have... Read More
Maybe you've heard the expert advice that your debt to... Read More
If you watch enough late night television, you'll see advertisements... Read More
Mortgages have assumed a number of characters from the time... Read More
Doesn't Residential mortgage give the impression that they are a... Read More
Being self employed has many benefits. When you are self-employed,... Read More
Do you know what it takes to qualify for mortgage... Read More
The search for quick homeowner loans can seem futile at... Read More
Once you have made the decision to buy a home... Read More
The home equity loan has become quite popular in the... Read More
Getting a quick cash loan, cash advance or payday loan... Read More
A Self-Certification mortgage is a mortgage designed for people who... Read More
Are you wondering how to get the best Home Equity... Read More
Mortgage Refinance |