Pros:
1. You Save Time - Applying for an online home mortgage loan or refinance is very quick and simple. You don't have to travel to several banks or loan offices.
2. Greater Flexibility - you can do your research and make inquiries anytime day or night. So if you work full time, you can do your mortgage homework in the evening.
3. More Options - Online mortgage lenders typically offer a great variety of mortgage loans with lower interest rates and flexible payment terms.
4. Lower fees - The lender fees can be considerably less expensive when applying online for a home mortgage loan.
5. Bad Credit - Borrowers with a bad credit history are presented more options and greater access to home mortgage loans.
6. Faster Pre-approval - when you apply for a home loan online you normally receive faster approval confirmation. If you aren't approved you can quickly apply with another lender.
7. Less Stress - Applying in a big bank, under the nose of a loan officer can be stressful. When applying for an online mortgage loan calculator or refinance mortgage you can do so in the privacy and comfort of your own home.
Cons:
1. Trust - Because of the anonymous nature of the Internet, you have to be careful when shopping online. Stick to well-known online companies you can trust.
2. Lack of Advice - The mortgage process contains many variables in the mortgage process and an online mortgage website can't consider them all. It may be difficult for online mortgage lenders to answer your specific questions or provide you with advice online. You may have to call and talk with a representative.
3. Not In Your Area - Not all online home loan mortgage lenders have representation in all 50 states. Make sure the lender is represented in your state before applying online.
4. Communication Issues - Since you are not dealing face-to-face with a specific person, you may experience challenges in communicating details and issues, or resolving disputes by email or phone.
5. Expertise - You may not have the experience or specialized knowledge to determine the best mortgage type for your particular situation.
1. You Save Time - Applying for an online home mortgage loan or refinance is very quick and simple. You don't have to travel to several banks or loan offices.
2. Greater Flexibility - you can do your research and make inquiries anytime day or night. So if you work full time, you can do your mortgage homework in the evening.
3. More Options - Online mortgage lenders typically offer a great variety of mortgage loans with lower interest rates and flexible payment terms.
4. Lower fees - The lender fees can be considerably less expensive when applying online for a home mortgage loan.
5. Bad Credit - Borrowers with a bad credit history are presented more options and greater access to home mortgage loans.
6. Faster Pre-approval - when you apply for a home loan online you normally receive faster approval confirmation. If you aren't approved you can quickly apply with another lender.
7. Less Stress - Applying in a big bank, under the nose of a loan officer can be stressful. When applying for an online mortgage loan calculator or refinance mortgage you can do so in the privacy and comfort of your own home.
Cons:
1. Trust - Because of the anonymous nature of the Internet, you have to be careful when shopping online. Stick to well-known online companies you can trust.
2. Lack of Advice - The mortgage process contains many variables in the mortgage process and an online mortgage website can't consider them all. It may be difficult for online mortgage lenders to answer your specific questions or provide you with advice online. You may have to call and talk with a representative.
3. Not In Your Area - Not all online home loan mortgage lenders have representation in all 50 states. Make sure the lender is represented in your state before applying online.
4. Communication Issues - Since you are not dealing face-to-face with a specific person, you may experience challenges in communicating details and issues, or resolving disputes by email or phone.
5. Expertise - You may not have the experience or specialized knowledge to determine the best mortgage type for your particular situation.
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.
Useful post! Certainly it saves money. Mortgage lenders are compelled to be low with their rates and fees to be competitive.
ReplyDeleteRegards,
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