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Online mortgage lending appears to be the way of the future. However, there are some important things to consider when dealing with online mortgage lenders.
start with the advantages of
Online mortgage lending is a growing field that is starting to seriously compete with traditional Ďin personí lenders. The process is relatively easy.
The important thing to remember is to make sure your know the ins and outs of any and all online home mortgage loans prior to submitting your personal information.
In some cases, youíll find online mortgage lending fees can be much cheaper than traditional Ďin personí lenders.
Further, when it comes to online mortgage lending you may discover a greater range of mortgage loan programs available.
Among the highlights of these programs may be lower rates of interest and flexible repayment terms.
Also, borrowers with a bad credit history may find online mortgage lending to be the answer to their prayers. In most cases, web-based lenders offer more alternatives to those with less than desirable credit ratings.
Finally, online mortgage lending can shave a ton of time off of the traditional Ďin personí route and having to wait (what might be several days) to be approved. The bonus here is if you donít get approved the first time, you can apply to another lender right away and like the first time, youíll get your answer quick.
letís explore the disadvantages of
Itís important to realize that not all online mortgage lenders have representation in each of the 50 states.
Before taking the time to apply online, itís in your best interest to make sure that the lender in question is represented in the state in which you reside.
A big negative with online mortgage lending is unfortunately accountability. Itís your job as the potential borrower to do your homework and keep on top of your application.
Itís wise to check out the company to make sure theyíre legit and will be able to fulfil any promises they make regarding terms and interest rates.
Unfortunately with both traditional & online mortgage lending, the mortgage loan programs offered may be more in lenderís best interest than in yours.
Again, itís so very important that you do some research and comparison shopping. Just like with traditional Ďin personí lenders you want to make sure that any online mortgage lending is in your best interest not theirs.
Another possible negative is the fact that some online mortgage lenders will charge you a fee prior to you learning whether or not your application has been successful.
Please note that some traditional lenders also ask for a fee upfront. Borrowers beware - there are many legitimate traditional and online lenders than donít insist on such a fee.
Unlike any negative dealings you may have with traditional mortgage lenders, online mortgage lending isnít regulated by a governing organization in which you can complain to.
The bottom line is that while online mortgage lending may be the way of the future, itís also important to research the lender and ask the right questions.
And, while applying for a mortgage loan online may seem like a great idea, donít discount the value of getting a comparison quote from a traditional Ďin personí lender.
Bookmark & keep coming back often!
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