How to Shop Around for the Cheapest Mortgage Deal Online
Before you start shopping around for a mortgage, you need to
establish exactly what you want so that you do not waste your
time looking at deals that will not save you money. You should
also learn how to compare mortgages or choose what features of
the finance package are important to you.
The first step is to ask your friends or family for
recommendations of potential mortgage lenders. Then contact
several lenders and let them know that you're shopping around for
the best rates. You may want to discuss your needs with banks,
credit unions, mortgage companies and brokers. Comparing loan
plans or packages will help you get a better deal.
Your next step is to read expert opinions in national
newspapers and magazines. These publications usually publish
editorials that rate mortgage and loan deals from various banks
and lenders. This information will give you a better idea of what
1. Loan Comparison Websites
Some web sites offer services that allow you to compare thousands
of mortgage loan deals from different lenders. All you have do to
is, enter a few details about the kind of mortgage you're looking
for and their software will produce a list of lenders based on
your search criteria. You can then contact the lenders that
you're interested in. This is one of the fastest and easiest ways
to shop around for a mortgage online. The only disadvantage with
this approach is that some of the web sites that offer this
service only show results from mortgage lenders who have paid to
be included or from whom they receive commissions.
2. The Major Banks and Finance Companies
Visit the web sites of most of the major banks and find out if
they have any special offers. You can do this easily by making a
list of all the banks and building societies that you know and
visiting their websites and taking note of their rates for the
mortgage deals that interest you. Look for their "press release"
link and find out if they have recently launched any special
deals. You may also consider subscribing to their news feed if
they offer subscriptions on their site.
3. Mortgage Brokers
You can also get a loan deal through a broker. Most independent
brokers investigate all the loan deals on offer from every lender
in the market to find the best for you. Some brokers only choose
from a selection of lenders so check how independent the Mortgage
broker is before applying. If you do not want to go directly to
the lender for a mortgage, you can approach an advisor or a
broker to search the market for the best mortgage deals.
So if you want to get the best deal on a mortgage or home
loan, you can either shop around yourself or you can use the
services of an independent mortgage broker. Using the methods
outlined above you should be able to find a deal that's right for
About the Author: © Copyright 2005, The Commercial
Mortgage Guide, Bwalya Mwaba. Visit our website for mortgage
related news, articles, tools and more: http://www.commercial-mortgage-guide.org.uk/
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