Mortgage and Refinancing Information Channel:

We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.

Online Mortgages in 5 Easy Steps!

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". (side note: 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

Copyright 2004, by LoanResources.Net

This article may be freely distributed so long as the copyright, author's information and an active link (where possible) are included.

About The Author

Tom Levine is the webmaster of http://loanresources.net, and he can be reached at [email protected]

For more information about mortgages, debt consolidation, credit repair, and all other forms of consumer loan, credit, and debt products, please visit our website.

MORE RESOURCES

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

RELATED MORTGAGE AND REFINANCING ARTICLES: Home Equity Loans - How To Use Your Homes Equity to Consolidate Debt If you've got a wallet full of credit cards, and monthly payments on them that total more than 25% of your monthly income, chances are that you've considered debt consolidation loans or some other means of taming your credit card debt. But did you know that a home equity loan is another way to get the money that you need to pay off your creditors, reduce your monthly payments, and get out from under the weight of all those monthly payments? A home equity loan is essentially a second mortgage taken out with your house as the collateral. Follow A Few Simple Steps To Make Shopping For Your New Home Loan A Little Easier It is likely to be one of the largest purchases of your life, and it can be extremely nerve racking and overwhelming. Buying a new home! Whether you are buying your first home, or moving to a new home; purchasing a home and shopping for home loans is a major decision that requires a lot of time and energy. First Time Home Owner Mortgage Loans First time home owners are sometimes surprised at the complexity of the mortgage lending process. If you are searching for a mortgage and you have never owned a home, there a few things you can do to make the mortgage process less confusing. Kings Bay Saint Mary's & Kingsland Georgia Real Estate - Getting a Home Loan with Damaged Credit So, you have made the decision that you would like to become a homeowner. As lenders, we have to perform a credit check. Home Equity Lines of Credit Vs. Other Conventional Loans When it comes to getting money, you have two basic options. If you are a homeowner you can choose to take out a home equity line or credit (HELOC), or you can take out a conventional loan. Unlock your Home Loan Piggy Bank With the recent sharp increase in property values your current home could be a pot of gold. Property prices have increase about 20% - 30% over the past year but according to economists this current boom will not continue or much longer despite recent changes in property taxes announced in the budget speech. Refinancing Your Home Mortgage - Get Up To 125% Cash From Your Homes Value With the low interest rates being offered by lenders today, now can be the perfect time to refinance your existing mortgage. Remember that you do not have to refinance your home through the same lender that provided your initial mortgage. How easy is it to get a Commercial Mortgage in the UK? As is the case when applying for any mortgage, be it a residential or a commercial mortgage, the better your credit and the better the collateral, the easier the process becomes. But that doesn't mean that if your credit is less than perfect, or you want to purchase commercial property in a less then desirable part of the city, that you are automatically locked out of getting the money you need. Remortgage To Release Equity By Improving Interest Rate You have been paying on your mortgage for quite sometime and you think that your money serves no purpose except paying for your loan. This you already know. No Money Down Mortgage Loans - Ways To Get Approved For a Home Loan Online With Zero Down No money down mortgage loans enabled more people to own their own home. The following ways will help you get approved for a home loan online with zero down. Guide to Remortgages Here is a useful guide to remortgages. What is a remortgage? A remortgage is when the terms of the original mortgage are renegotiated, and usually means that the borrower increases the amount that they are borrowing, which is often possible due to a rise in the value of the property. Choosing a Real Estate Agent Before you go looking at houses, you'll need to find a real estate agent. Hiring a real estate agent takes a little bit of time to do. Should You Refinance Your Mortgage if Interest Rates Drop? Mortgage refinancing is when you take a mortgage of a certain interest rate and term length, and change it for a different interest rate and term. If you are looking to refinance your home loan it is usually done when rates have dropped considerably therefore making it advantageous to do so. Home Mortgage Refinancing - What's in Your Contract? Are you one of the millions of Americans who will be refinancing their home mortgage loan this year? When you sign your contract and the other papers for your refinance, will you know what your signing? Your Contract: This one is simple, but I would guess very few people do it. READ THE ENTIRE CONTRACT. 7 Credit Improving Steps You Must Take Before Applying For A Mortgage If you think you have good credit, think again. Chances are there is something on your credit report that can effect your credit rating; this type of news is particularly alarming if you are shopping for a loan or applying for credit. Guide to Interest Only Mortgages Here is a useful guide to interest only mortgages. An interest only mortgage is one where your regular payments only go to pay off the interest on the money you borrow. What Are Mortgage Brokers And Why To Use One "Mortgage" is formed from two words: the French word "mort" meaning "dead" and the word "gage" from Old English meaning "pledge". Sir Edward Coke (who lived from 1552 to 1634) explained the term: the land as considered "dead" to the mortgagor, as if the person never had it. Buying a House or a Home? A house is just that, a house, until someone lives in it. That's when it becomes a Home. Good FICO Credit Score? Tips to Getting the Most Out of Your Home Mortgage Loan With Good Credit Sometimes so much is talked about how to solve the problem of having bad credit, but what about when you have an excellent credit rating? Good credit is considered to be a credit score of 650 or higher. How can you get the best interest rate and loan terms to make your good credit history work for you? Even with excellent credit, you have to be careful not to get talked into a loan that may not be the best one you could qualify for. What is a Fixed Rate Mortgage? As the term implies, with a fixed rate mortgage the mortgage rate is fixed for a set period of time, so no matter what movements occur in the lender's standard variable mortgage rate, the borrower's arrangement is fixed and, therefore, so are the monthly fixed rate mortgage payments. A fixed rate mortgage would suit someone who likes to know where they stand.

HOME | SITE MAP © 2012 - 2023 All Rights Reserved Increase pagerank with HitsSurfer