Looking For Mortgage Lenders and Deals On The Internet

In this post you will learn how to find mortgage offers on the Internet, to practice safe surfing principles and use the computer as a tool to help you find the best mortgage offers and mortgage lenders online.

Many people, especially those who have not used the computer for serious purposes before, think that the computer can solve any problem. They think all information is available on the Internet and that the Internet can be trusted implicitly to providers solution to the problem. However, the truth is that when searching for information, you need to filter the false and unimportant information to reach the right information on the Internet. If used properly the Internet can be a great tool but it can also result in various disasters. There is no lack of scam and false websites on the Internet. When it comes to matters related to finance, you need to be extra careful when using the computer and the Internet to find a certain solution because phishing sites also exist which will try and steal your sensitive financial information and misuse it. However it is equally true that the Internet is the great fountain of information. With the advancement in computer technology and the spread of Internet, all major businesses have their presence online and you can use that friendly online business models to get the information that you want. The Internet brings about the convenience of finding information when and where he needed. In this section we will discuss how to browse the net in order to find mortgage lenders and home loan offers as well as the practices to deploy for a safe surfing experience. We will also talk about the popular and trustworthy websites pertaining to mortgage and home loans.

How To Surf Online For Mortgage Loan Offers

Surfing online to discover mortgage and home loan can serve your purpose in many ways. These are some of the tips and tricks that you should follow in order to have a fruitful and safe experience when looking for mortgage lenders online.

Shopping To Find Out Current Mortgage Rates

The Internet is most helpful if you are trying to find out the interest rate that is available on various mortgage programs with different lenders all across the country. A single website and give you a complete impression of the prevailing interest rate with dozens of lenders. You can also get a direct quote from particular business as well. No direct sales pressure one of the advantages of soliciting a quote for an interest rate is that there is no direct sales pressure. Since you are browsing on your own time, and are not dealing face-to-face with a representative of the lending institution, you feel more comfortable in asking for information. However, it is common for most mortgage websites to only provide you with a personal quote after you have given sufficient information about yourself such as how to get in touch with you over the phone. But while you may be able to be with the general interest rate on many mortgage and bank websites, in order to get a quote for your own personal situation where you are looking to borrow a specified amount, you will probably have to fill in the online form with your contact information. You can expect someone from the company to get in touch with you personally in order to give you a quote. Several websites also provide a form for instant approval and disapproval for your application. When you put in certain details about the kind of loan you are looking at as well as certain personal details about yourself, your application is instantly matched or unmatched to any loan offers that they have for you.

Shop For Mortgage Whenever You Like

For many people who are busy working, adjusting calls to lenders can get difficult during a busy day’s schedule. Therefore another advantage of online mortgage shopping is that you can do it any time of day or night whenever it’s convenient to.

Beware Of Lack Of Quality Control

There are several respectable websites that give you information regarding mortgages and home loans. Not only do they provide you with a quote on the interest rate currently prevailing, they also provide you with many helpful articles and guides help you make up your mind. However, it should really be noted that there are several substandard websites as well. When it comes to discussing financial matters online, you should know that several websites exist as phishing websites that may try to steal your information and misuse it. Apart from that, several websites that do provide general and mortgage information to not exercise strict quality control. They may list mortgage lenders that pay to be listed. These websites may not check and cross check a particular lender to see whether he provides a high level of service or meets his promises and commitments or not. With these websites anybody ready to pay a fee can get listed. The

Avoided soliciting offers for where you see ads plastered across a website in big bold capital letters. This is not how major lending corporations work. You should examine each site to see how it claims to review listed lenders. Each website that provides a listing of mortgage lenders should do good job of screening the lenders upfront so that no unfair practices are used.

Do Not Trust Simple Affordability Calculators

If you’re trying to calculate the amount of mortgage loan that you can qualify for, you may find certain calculations that give you this amount based on your current income. These mortgage calculators are simplistic and use overall income figures and current loan interest to calculate the mortgage amount that a borrower can afford. This is not an actual representation of the amount that you can afford to borrow which is more important. Just because the lending institution is willing to lend you a mortgage loan for a certain amount does not mean that you can actually afford to take on a home loan for that amount. In order to calculate your own affordability for a home loan, check our ealrlier sections connected to this. Using simple calculators on the Internet ignore the larger financial picture suggested long-term financial goals, retirement plans, college education for children, marriage and the family etc. You need to take a close and hard look at your goals before deciding how much you can afford to spend on purchasing a home. You cannot trust a calculator online to make this decision for you based on crunching just a few numbers.

Do Not Reveal Sensitive Financial Information

When you do your research online regarding mortgage programs and home loans, it may not be very uncommon to discover that you find a load and a mortgage lender that you actually want to deal with. However, you might consider whether it is advisable to send your personal financial details online or not. It makes many people uncomfortable to send their financial details to a business which is remote and with whom they have had no direct contact except for some e-mails and maybe over the phone.

If you’re skeptical about sending your financial information online, it is a smart way to think. Before you share your personal information you need to verify certain information about the mortgage lender. This also applies when dealing with a mortgage lender off-line in case it is the smaller and lesser-known mortgage lender.

You should carefully review the lender security and confidentiality policies. Usually all reputable web sites have a policy and disclaimer listed which tell the borrower how they handle personal and financial information. You should only do business with those websites that do not share or sell your information to any third party organization other than for the sole purpose of verifying your credible creditworthiness needed for loan approval. Also try to make sure that the website is a secure website which begins with an https before the domain name. Secure websites that are safeguarded by 128 bit encryption are harder to hack by hackers who may attack such websites in order to gain access to sensitive financial information.

Many online websites also offer the users the ability to apply for their mortgage off-line through their local office or by loan papers sent through regular mail. They may charge a slightly higher fee for the service but if that is what you are comfortable with them it is well worth the extra expenditure.

Make It A Point To Shop Off-Line As Well

The reason why you are advised to shop for the best mortgage deal of time as well as you do not really know the competitiveness of the offers you find online till you know what is available from local and as well. Online mortgage options are not necessarily the cheapest although they tend to be. A quote from an online mortgage lender is of no use if he cannot deliver in the end or that you cannot qualify for based on your specific property, location or financial situation. Always remember that personal service and honoring commitments is highly important. Dealing with a local mortgage lender, specially with a bank with whom you’ve had personal relationship with for a long period of time ensures that you will get a better quality of service rather than dealing with the remote mortgage lender in some of the state. Online mortgage offers tend to be cheaper because online mortgage brokers tend to charge a lower fee. Because you are working on a remote basis, the mortgage broker website can deal with many customers like you and they save some time and money processing your loan via the online application process. But you should know that even with local mortgage brokers, the fees and origination charges are negotiable.

Just because you find a slightly better rate online doesn’t mean that you should choose that of a short-lived local and. As we have already mentioned, local lenders and mortgage brokers may negotiate with you to make themselves competitive. In any case, you must give them the opportunity to meet your best offer. Give them a chance to meet the most competitive rates that you have found online and see how it goes from there. You may be pleasantly surprised with the results.

Mortgage websites are best suited for researching the current marketplace rather than to actually secure a mortgage loan. The reason is that mortgage lending is still driven by several local factors and market conditions that could be well beyond his understanding of an online website which has no field on the pulse of your local area.

Beware Of Paid Advertising Masquerading As Directories.

Some websites on the Internet offer a directory of mortgage lenders. These are nothing but websites that charge lenders a fee to be listed on to gain a more visible listing. These kind of websites are similar to the kind of advertising you may find on your pages. Lenders can get higher visibility and a more prominent listing on such websites by paying a certain amount of money.

These directories can ask for a few hundred dollars to list the mortgage lender prominently for one state and additional fees for each additional state. This kind of payment gets your company listed on top of all listings in addition to which you might receive a more prominent typeface font with the chance to put the description of a listing. Therefore prospective buyers visiting these sites get drawn more towards the lenders who are not prominently listed because of the superior service or from programs that because they have paid additional money to be brought in the forefront.

If you’re considering using Internet site to shop for a mortgage, you must first investigate how the site derives and prioritizes its list of mortgage lenders. The website should be forthcoming about this information. You can also check out the various links that they offer for the purpose of soliciting lenders to join and pay for additional testing. This way you will know how the lenders who are listed on top get to be there.

Finding Mortgage Loans On Recommended Mortgage Websites

But it comes to finding mortgage and home loan websites, there are probably hundreds and thousands of the market. In order to help you find the important ones quickly, we’re going to list them out here for you.

Mortgage Shopping Websites

Government Mortgage Websites

 

Top 10 Home Loan Banks

Names Of Popular Banks That Provide Home Loans

Many home loan lenders shut shop after the real estate crisis that overtook America. What remains today are some top home loan banks that are major players in the mortgage lending industry. We will list the top home loan lending banks which have also been highlighted by the Forbes list as top businesses. These home loan banks and lending institutions have helped match people with the right home loan for several years. Some of these banks even cater to the home loan needs of people with sub-prime credit rating due to their sheer size and ability to absorb the extra risk.

1) Citigroup, an American based financial institution is perhaps the largest home loan lending bank. This home loan company is now operating in 54 countries outside the US, having current assets of about $1.3 trillion and $108 billion in revenues in year 2006. Citigroup is known for providing bad credit mortgage loans as well.

2) The Bank of America, the third largest bank in the US that offers home loan services and small loans. The Bank of America has been ranked at the second place in the Forbes list of the best home loan companies in the past.

3) Wells Fargo is another important American home loan company and bank, with 1000 branches across the US and all around the world. It has been rated third in the Forbes list of the best home loan companies.

4) Wachovia, also finds a  place in the Forbes list of the foremost home loan lending banks.

Other prominent home loan banking institutions that are able to provide mortgage to people:

BB&T, Golden West Financial, used to be the second largest savings bank in the nation ( Now acquired by Wachovia) , Marshall and Ilsley, M&T, AmSouth Bancorp ( Taken over and purchased by Regions), Popular, Synovus Financial, Zions Bancorp, Compass Bancshares and Commerce Bancorp ( acquired by TD Bank).