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Applying for a Home Mortgage Loan Online - The Pros and Cons
If you have considered applying for a home loan mortgage online, there are a few pros and cons to think about with getting a home mortgage loan online:
1. The process of applying for an online home mortgage loan is very simple, unlike some lenders who operate in the 'real' world and ask for heaps of information.
2. The fees, when applying for a home mortgage loan online, can be considerably cheaper than the mortgages in the 'real' world.
3. Online home loan mortgages tend to offer a great variety of mortgage loan programs, including more flexible repayment terms and lower rates of interest.
4. Online mortgages are usually easier for borrowers who have bad credit history to obtain. Also, online mortgage loan websites do tend to offer more alternatives to those with a bad credit history.
5. Normally you find out faster if your home loan mortgage application has been pre-approved if you apply online. This means you can move on and apply with other lenders faster, if you don't get approved the first time.
1. Not all online home loan mortgage lenders have representation in all 50 states - so if you do apply for a mortgage loan online, make sure they're represented in your home state.
2. Accountability can be a problem - you really need to stay on top of things, which can be troublesome if you don't know what you're doing.
3. You may be getting the deal that best suits their needs, not yours.
4. Sometimes you have to pay an application fee even before you know if your application has been successful - something that is not always the case in the 'real' world.
5. If things go wrong, and your online home loan mortgage provider doesn't come through, there's no formal organization you can complain to.
So, while applying for a home loan mortgage online may be a good idea, to keep your options open you may also want to talk with a real estate broker in the 'real world' about applying for your home loan mortgage. That way you can make your final decision of who to go with when you are closer to locking in the loan.
To see our list of recommended mortgage lenders online, visit this page: Recommended Mortgage Lenders
Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans. The site has informative articles and the latest finance news.
MORE RESOURCES updated Mon. March / 08 / 2021
Today's mortgage refinance rates — 30-year rates sit at the lowest seen in 13 days | March 5, 2021 - Fox Business
Today's mortgage and refinance rates: March 7, 2021 | Rates go down - Business Insider - Business Insider
Today's mortgage and refinance rates: March 7, 2021 | Rates go down - Business Insider Business Insider
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 - Fox Business
Today’s mortgage refinance rates mixed — one key rate drops while another rises | March 2, 2021 Fox Business
Can refinancing a mortgage hurt my credit score? Fox Business
Average Cost to Refinance a Mortgage & How to Save Money The Mortgage Reports
Best mortgage refinance lenders in 2021 Bankrate.com
Best cash-out refinance lenders in 2021 Bankrate.com
Is now still a good time to refinance a mortgage? The Philadelphia Inquirer
Mortgage lending crushes records in 2020 at $4.3 trillion Mortgage Professional America
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money - Q13 FOX (Seattle)
Mortgage rates are falling to unprecedented lows in 2021 — refinance now to save money Q13 FOX (Seattle)
How to refinance an FHA loan | Mortgage Chase News & Stories
Mortgage Recast: How to Reamortize and Save Money Credible News
What Are The Benefits Of Cash-Out Refinancing? Is It Worth It? The Mortgage Reports
Can Closing Costs Change On The Closing Disclosure? The Mortgage Reports
2021 Maine first-time homebuyer assistance programs Bankrate.com
How do I get the most out of my mortgage refinance? Fox Business
Top 5 mortgage refinance questions answered Fox Business
How to decide if you should refinance your mortgage Fox Business
Pros and cons of a cash-out mortgage refinance Fox Business
How to refinance your mortgage Fox Business
Mortgage refinance: Everything you need to know Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now - Fox Business
Mortgage refinance rates continue hitting record lows – here’s how to get the best deal now Fox Business
What are the hidden costs of refinancing a mortgage? Fox Business
Who's exempt from the new mortgage refinance fee? Fox Business
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 - Forbes
Everything You Should Know About The New Mortgage Refinancing Fee That Goes Into Effect Dec. 1 Forbes
How to refinance your mortgage in 5 easy steps Fox Business
Mortgage refinance applications soar despite a new fee that increases the cost - Pittsburgh Post-Gazette
Mortgage refinance applications soar despite a new fee that increases the cost Pittsburgh Post-Gazette
The best mortgage refinance lenders of March 2021 Business Insider
Refinancing your mortgage? Don’t make this mistake Fox Business
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing - Seattle Times
Despite low mortgage interest rates, homeowners should research the caveats before reﬁnancing Seattle Times
4 ways to get lower mortgage refinance rates Fox Business
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low - CNBC
A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low CNBC
5 reasons to refinance your mortgage right now HousingWire
How to Refinance Your Home | Home Lending Chase News & Stories
10 things to know before refinancing your mortgage Fox Business
3 Mortgage Refinance Strategies to Consider in 2021 The Motley Fool
Complete Checklist of Mortgage Refinancing Requirements Credible News
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender - Business Insider
10 tips for getting the best mortgage refinance rate, from checking your credit report to choosing the right lender Business Insider
How a mortgage refinance affects your net worth Fox Business
Jumbo Mortgage Refinance Rates for March 2021 NextAdvisor
USDA Construction Loans | Buy Land & Build A Home With USDA The Mortgage Reports