Online Mortgage Loan Sites Help Find A Lender and A Loan

2007-03-08 10:33:40

( Automobiles )



The Internet has made shopping and getting a loan easy. Many Web sites provide a wide range of information about auto loans online and online mortgage loan.

Online mortgage loan sites offer direct access to loans. Lenders differ from each other, so do online mortgage loan sites. Single or direct lender sites, auction sites and multilender sites are varieties of mortgage sites that offer loans.

Direct lender sites

Typical online mortgage loan sites are direct lender sites (that include mortgage lenders and banks) where you can apply for a mortgage loan directly. These sites give you basic facts about the mortgage product that help you decide; but they do not give you information about loan points, fees and other specific costs.

Auction sites

Auction sites provide you a loan application to complete. The application is then forwarded to lenders, who then bid for it. Several days may pass before you get offers. You may want to visit different sites to get more loan bids, since each site may have different participating lenders.

Multilender sites

Multilender sites do not require you to fill out an application before you shop for mortgages. You provide your desired loan amount, property details and other pertinent information. Lenders offer data on annual percentage rate and loan points.

With these you can figure the financial consequences of the loan. If you decide to submit a filled application to the multilender site, it undergoes review and processing. Your application will then be sent to a possible lender.

Online mortgage loan sites are valuable tools in your search for a lender and a loan that fits your mortgage needs. However, before completing an online mortgage loan, make sure that you know the mortgage process. Check if your online broker is licensed and regulated by the state. Finally, don’t forget to verify the status of your lender.


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