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Should I Get My Mortgage On the Internet?


Benefits and Process for Online Mortgage Loans

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Summary: 

The article below discusses the process of obtaining your mortgage using the Internet.
The question of whether it is a good idea to use the Internet to obtain a mortgage is asked often. It is a good idea to obtain information about mortgage products and to contact a lender using the Internet. However, you should proceed with caution when trying to turn the entire loan application process into a "do-it-yourself" operation.

Understanding Mortgage Products

The wrong mortgage product can cost you thousands of dollars. This makes it worth your while to take the trouble to understand the different mortgages that are available and to make an informed decision. Many of the articles and calculators on our site are designed to help.

Finding a lender

The most competitive mortgage lenders are on the Internet. Lenders who do not offer competitive rate quotes do very poorly in this environment. Successful Internet lenders offer the best rates.
Contacting a lender using an online contact form is a good idea. By contacting the lender yourself you are able to save the lender the hefty referral fee that they might otherwise pay to obtain your business. This saving can be passed to you. Click here to check out today’s rates from lenders in your area.

Online Loan Applications

Online, lenders will use one of three, or some combination, of the following forms
  • Short Inquiry Form, which asks for your name and contact information and typically the type of loan and loan amount
  • Pre-Application, which will ask for more personal information, including address, social number, and some financial references
  • Full Loan Application, which is the entire loan application available online.
We’d recommend only filling out a full loan application as a convenience once you have selected a provider. Getting your mortgage on the internet can save you time and money. It is important to make sure you are dealing, however, with a licensed, reputable broker. To find brokers in your area, click here.
 
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