Best Mortgage Loans Online
Finding the best mortgage loan online is an important part of the home buying process.
Finding the lowest interest rate and best terms on your mortgage can save you
thousands or even tens of thousands of dollars over the life of your mortgage loan.
Before you begin shopping for a mortgage loan, it is important to determine exactly
what type of loan you prefer. That way, you will not waste your time on deals that
are not suitable for your situation.
It is also a good idea to know where you stand with the credit-reporting agencies.
Any time you apply for a major loan, it is a good idea to pull a copy of your
credit report from all three major credit-reporting agencies – TransUnion, Equifax and Experian.
A new law took effect this year which entitles all Americans to a
credit report each year. This new entitlement is rolling out across the country,
so be sure to check with the credit-reporting agency to see if you are entitled to
a free copy. Even if you have to pay a nominal fee, it is worth it to know where you stand.
It is estimated that up to 50% of credit reports contain errors, and eliminating those
errors before the mortgage process begins is a big help.
It is important to shop around online for the best mortgage loan. Having a clean credit
report and a high credit score should allow you to get the best possible interest rate,
but the best interest rate at one lender may not be the best interest rate at another lender.
There are many places online to compare rates and loan terms on mortgages and other
types of loans. These sources include:
Mortgage loan comparison websites
Loan comparison websites allow consumers and mortgage shoppers to compare hundreds or
even thousands of mortgage loan packages with the click of a mouse. These loan comparison
websites compare loan packages from a variety of different lenders, along with contact
information for the various lenders. While these websites can be very useful, it is
important to know where these sites get their results. Some loan comparison websites
provide results only from lenders who pay to appear on their sites, so it is important
to check several different loan comparison websites to be sure you find what is truly
the best deal.
Major home loan banks and finance companies
Major national and regional banks and finance companies often have their own websites
where they advertise their current loan specials and offer potential borrowers the
opportunity to apply online for the loans they need. It is easy to compare and contrast
the loan terms and conditions between the different banks and finance companies online.
Mortgage loan brokers
It is also possible to get a good mortgage loan deal from a mortgage broker. Independent
mortgage brokers have access to hundreds or thousands of mortgage loan packages, as well
as the knowledge and experience to help you choose the right one for your individual needs.
No matter what source you use, shopping around online is a great way to find the perfect
mortgage for your needs. We recommend the mortgage loan below:
Quicken Loans Inc. is the nation’s largest online retail mortgage
lender and among the five largest overall retail home lenders in the
United States. The company closed a record $30 billion in retail
home loan volume across all states in 2011. Quicken Loans ranked #1
in customer satisfaction among all home mortgage originators in the
United States by J.D. Power and Associates in 2010 and 2011.