Here are some of the benefits to doing your
home loan refinance online:
Everything seems to happen faster - Online, when looking for a
mortgage loan you can search around, fill out an application and a few
minutes later, you can be receiving a pre-approval letter via email. There
was no calling, no driving & no waiting on hold for an answer. The mortgage
company will usually contact you quickly and give you all the information
you need to move forward.
You will be more informed and make better decisions -
People nowadays that use the internet as consumers, use it primarily to make
better purchasing decisions. If you are sitting at home on the couch with
your phone book calling every mortgage company listed, you are not going to
know what the current interest rate is. You aren’t going to know what your
contacted companies competitors are like. All you will know is what that
loan officer tells you.
Online, you can view a lot of information very quickly. - After
looking at a few mortgage loan websites, you will know quickly that when you
refinance you have many options. Do you want to get cash out of your home?
Do you want to borrow more than your homes current value? Do you want an
interest only loan? And, you will know right away which mortgage companies
offer these options. There are many different kinds of refinance loans, and
all of these options can be learned after a few minutes of searching online.
Deal with large, reputable companies – When applying online, you
should quickly be able to spot the larger, more reputable mortgage
companies. I always prefer to use the companies that will submit your
application to multiple lenders. That way, your credit is only pulled once,
and you can receive multiple offers from up to 4 lenders. For a list of
these recommended mortgage companies, see the link below.
Save money – Many online mortgage service companies can save you
money by cutting out fees like origination fees and underwriting fees. You
will also save money using mortgage services where more than one lender
competes for your business. When you can receive multiple offers, you will
know that you are choosing the loan with the lowest rate possible and the
best terms you can qualify for. I usually recommend applying with about 3
different mortgage companies that will submit your application to multiple
lenders and give you multiple offers. That way you can really maximize your
Less Commitment – You can search around online and apply to 2-3
different lenders without feeling guilty for working with more than one
company. That way you make can make sure you are getting the best deal.
Often when you start working with a mortgage broker in person, even if the
person isn’t doing the best job for you, you start to feel obligated to
continue to work with the person. This is not so online. If you aren’t
getting what you want, you are free to move on with no guilt.
About the Author: To see a list of recommended mortgage refinance
loan companies online, visit this page:
www.abcloanguide.com/refinance.shtml. Carrie Reeder is the owner of ABC
Loan Guide, an informational website with articles and more about various
types of loans.