Online Mortgages in 5 Easy Steps!
by: Tom Levine
We're all entitled to the opportunities and benefits of home ownership.
But because most of us aren't loaded with cash, we must find banks
and lenders to assist us with finance. No matter what your credit
history is, or what your circumstances are, the internet has now
made this process a billion times easier. This article will outline
a 5 point plan, to assist you in your pursuit of financing online:
Step 1: Don’t be afraid to go shopping.
Discussing personal mistakes in life can paralyze
us with fear, namely, getting into the “bad credit” issues.
The good news is that for the most part, getting
into this “stuff’ is
completely unnecessary in the preliminary phase of shopping for a
loan, beyond the basic information provided in an online short-form.
In other words, you don’t really have to talk about the nitty-gritty
details, until after a loan offer has been presented to you. We’ll
get into that later…
But since we’re on the subject, if you
are a consumer with credit history issues, let me briefly take
this opportunity to state
the obvious:
You’re no different then anyone else.
We all live imperfect lives.
Credit problems do not make you a bad person, they are simply reference
points.
There are loan products designed for you.
There are lending institutions that are interested in earning your
business.
There is nothing wrong with you, or your credit, or your situation.
You are who you are, and that’s just fine!
You need to first get into the right frame of mind. Don’t be
afraid to ask questions, and don’t be intimidated by your credit
history. Be honest. Give truthful information. But don’t feel
shame or regret for your past or present personal circumstance. They
make you who you are, and that earns you respect! So with that said,
put on your confidence, and let’s GO!
Step 2: What’s the going rate?
Information is free, so why not be informed? Many resources are
available on the internet to get current interest rates, including
a rate-watch at our website:
So to start with, take a look at two pieces of information:
Current Interest Rate, 30 year fixed
6 month trend graph
A little exercise: Do you see the current rate? What about the 6
month graph. Are rates going up, down, or staying about the same?
Is the current rate higher than it was 6 months ago? Lower then 6
months ago?
Now don’t feel the need to analyze this
information too much. Relax. For now, just look at it, and perhaps,
check it several times
a week to stay informed.
If you do this, you’re already 10 steps
ahead of the game!
You are now an informed shopper. When an offer
is presented to you in the near future, you’ll be able to ascertain how good an
offer it actually is by knowing how it compares to the “going
rate”. (sidenote: Don’t forget to check terms, fees aka: “points”,
and conditions relating to your loan offer. Often times you will
see higher points or less favorable terms, in exchange for a lower
rate.)
In addition, you’ll be able to assess if you think rates are
declining or on the rise, which may help you to decide if “NOW” is
the right time.
Step 3 – Obtain several offers, and
SHOP RATE!
When you buy a car, do you seek out the best deal? When you go grocery
shopping, do you consider which store offers the best prices?
Shopping for a mortgage should not be seen any differently, and
the best way to do this is to obtain several preliminary loan offers
online.
Preliminary loan offers are simple, painless, and easy to get.
They contain the terms, rates, and pertinent information you need
to assess the lenders.
They will take all the guesswork out of where you stand.
Get 3 or 4 offers, and compare them. How do they compete against
each-other? How do they compare to the going interest rates (see
step 2 above).
Our website has compiled an index of hundreds of lenders and institutions
that provide these preliminary services. This information is free,
and available for you to peruse at your leisure.
Many of these companies’ conduct searches
of thousands of lenders, a lot of them in your local area, and
they provide you with
4 loan offers almost instantly.
Take advantage of this! These are no obligation services, and for
the most part, the online application forms are simple, fast, and
easy. They literally can take no more then a couple minutes to complete.
In addition, you don’t need to be burdened with going through
your credit history at this phase. Completing the simple form is
all it takes. If you qualify, and a lender is located that wants
to do business with you, then you’ll go to the next step which
is to discuss this possible opportunity over the phone.
But isn’t it nice to know that by that
point, the lender has basically, already approved your loan?
Step 4: A couple things to keep in mind
Lenders should never ask you for personal
or private information during this preliminary phase. Of course
they’ll need to know
some basic information about you and your situation, but never give
out information you feel uncomfortable disclosing (such as your social
security number), and look for a “privacy policy” on
their website.
Remember that these are “preliminary” loan offers, which
means no immediate commitment on your part. You complete a simple,
on-line short-form, and then you get several offers in return. The
lenders that made the offers may wish to talk with you over the phone,
but that’s where the preliminary process ends. The ball is
in your court to choose a product that meets your needs, or to keep
shopping.
These services are offered for “FREE” and you should
not be asked for any service charges at any time, ever!
Step 5: Understanding your Options
Let’s put this all together.
If you’ve followed this simple plan, you will discover that
there are indeed consumer loan products tailor made to meet everyone’s
needs. Remember to examine the terms and rates, obtain several loan
offers, and then talk to the lenders over the phone. Find out who
they are, and whether or not you’d like to do business with
them. Throughout this process, stay informed by checking interest
rates.
We’ve enjoyed providing this information
to you, and we wish you the best of luck in your pursuits. Remember
to always seek out
good advice from those you trust, but never turn your back on your
own common sense.
Sincerely, Webmaster Tom Levine
info@loanresources.net
http://loanresources.net
Disclaimer: Statements and opinions expressed in the articles, reviews
and other materials herein are those of the authors. While every
care has been taken in the compilation of this information and every
attempt made to present up-to-date and accurate information, we cannot
guarantee that inaccuracies will not occur. The author will not be
held responsible for any claim, loss, damage or inconvenience caused
as a result of any information within these pages or any information
accessed through this site.
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