Finding Mortgage Lenders Online - Information and Advice

"How to get the lowest mortgage loan rates from online lenders."

Should I Get My Mortgage On the Internet?

Finding Mortgage Lenders Online: The question of whether it is a good idea to use the Internet to obtain a mortgage is one that I get asked a lot. I do believe that it is a good idea to obtain information about mortgage products and to contact a lender using the Internet. However, I am not keen on trying to turn the entire loan application process into a "do-it-yourself" operation. The E-Loan marketplace  is the best place for finding mortgage lenders online.

Understanding Mortgage Products
The wrong mortgage product can cost you thousands of dollars. This makes it worth your while to take the trouble to understand the different mortgages that are available and to make an informed decision.

Many of the articles and calculators on our site are designed to help. I can tell from comments that I have received that many of you have found the Internet in general and our site in particular to be very educational.

Finding A Mortgage Lender
The most competitive mortgage lenders are on the Internet. Lenders who do not offer competitive rate quotes do very poorly in this environment. Successful Internet lenders offer the best rates.

Contacting a lender using an online contact form is a good idea. By contacting the lender yourself you are able to save the lender the hefty referral fee that they might otherwise pay to obtain your business. This saving can be passed to you.

Online Mortgage Loan Applications
Many lenders put something like a complete loan application for you to fill out on their site. I am speaking here not of a short inquiry form, but of a long screen or series of screens designed to capture all of the information necessary to process a loan. I recommend against filling out one of these.

There is nothing sinister or insincere about a lender putting up an online loan application. I just happen to think that it is tedious and time-consuming to fill one out, and there is a chance that you will be tripped up by unfamiliar terminology. E-Loan has a short form that takes less than 5 minutes. Click here for the easiest online mortgage application.

Filling out your own mortgage application is like changing your own oil, only less rewarding. I doubt that your filling out the application saves the lender any work, because at some point the lender needs to review the application and probe further in some areas.

My recommendation instead would be to use a short contact form to get in touch with an Internet lender with low rates. Then let them complete your loan application details over the phone.
 

Mortgage Lenders - Related Pages

Online Mortgage Lenders - Tips on evaluating online mortgage lenders and their loan offerings, rates and terms - Mortgage advice on refinancing or tapping home equity line of credit.

Mortgage Terms - Information and explanations about home loan terms, mortgages, mortgage rates and home equity loans.

Mortgage Recommendations - Advice on choosing mortgage programs that fit your specific circumstances - Explore mortgage payments for different types of mortgages.

Down Payment and PMI - How to leverage your down payment - Buy a larger home where your equity grows faster and avoid PMI using a two-loan strategy. Learn the 100% financing technique. Avoid paying for private mortgage insurance (PMI) on any mortgage where you put less than 20% down.

Interest Only Mortgage Loans - Get the scoop on interest only mortgage loans - Reduce your payments to a minimum level - Discover how to grow home equity without paying to create it.

Adjustable Rate Mortgages - Information on adjustable rate mortgages - Adjustable versus fixed rate mortgage - pros and cons of each type of home loan.

Applying For A Mortgage - Tips on how to apply for a mortgage - What to look out for when applying for your next home mortgage loan.

Bad Credit Mortgage Loans - Information and tips about bad credit mortgage loans - How to get the best possible rates on poor credit home loans, refinance, and home equity line of credit borrowing.

Lenders Directory - Listings of mortgage lenders websites. Includes short description and small photo of the main page of each mortgage lender website. 

Mortgage Brokers and Lenders - How mortgage brokers differ from direct lenders - Both have advantages and can save you money - Comparisons and advantages of both types of mortgage lenders.
 

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