Refinance Your Home Mortgage Online
The largest financial obligation most people ever take on couldn't escape the reach of the Internet. Home mortgage loans originated online comprise an integral part of one of the largest and most profitable aspects of the banking industry. Unlike many shifts in big business recently, this change actually seems to greatly benefit consumers by increasing competition and placing more financial control in the hands of homeowners.
To finance or refinance a home in the olden days (before the Internet), you needed to find a mortgage lender, broker, or banker who wanted to make a loan for you. Though mortgage lenders always wanted to make good loans, the process of gathering information to compare interest rates, points, and loan programs among lenders presented a tedious task for borrowers. Without a centralized information source for mortgage rates, loan programs and financial advice, most people just called a few banks and went with the lender that seemed to offer the lowest rate for the least discount points.
Now borrowers can access up-to-the-minute financial information and economic indicators online. Comparing rates and fees between lenders takes only the click of a mouse. Loan programs and mortgage calculators quickly figure the best strategy for everything from which loan represents the lowest cost over time to how much money a borrower could save by prepaying their mortgage on a monthly or bi-weekly basis. Financial tools available online truly empower any borrower with Internet access.
Though the Internet represents a faster and more hassle-free way to refinance your first or second mortgage, remember these important facts:
Loan Programs - Just because the Internet makes the loan process easier doesn't mean you should abandon common sense. Take the time to analyze which loan program best meets your needs based on the big picture of how long you'll live in the house, the payment you can handle comfortably, and how much cash or equity the lender requires.
Fees - All lenders don't charge equally. Many offer a lower interest rate, but make up the discount in fees and charges. Analyze costs between lenders by obtaining a list of all associated loan fees known as a "Good Faith Estimate".
Service - Obtaining a loan online won't do you a bit of good if you run into a problem and need to speak with a live human. Make sure your online lender maintains offline customer service.
Rate Lock-in - The lender's website should clearly explain their interest rate lock-in period and policy. Don't get lured in by a lender offering a lower rate and points only to find out the hard way that your interest rate lock expires before you can get the loan closed.
Loan Commitment - Find out from the lender's site what legally binding documentation they provide to document the loan commitment once you get loan approval.
Though many borrowers use the Internet purely for research, record numbers now go online to apply and complete the entire mortgage process on the Web, while saving significant money and time in the process.
Copyright 2005 Jim Edwards
Jim Edwards is a consultant specializing in internet mortgage refinance strategies and consumer home loan information. He is the author of "The TEN Dirty Little Secrets Of Mortgage Financing" at http://www.mortgageloantips.com/info.html and offers a free mortgage e-course at http://www.mortgageloantips.com/eclass.htm
Latest News
When refinancing mortgage makes sense Chicago Tribune, United States - But you don't have to be in financial trouble to benefit from mortgage refinance, real estate experts say. "At this point, there are thousands of good ... |
 Boston Globe (registration) | Center for Responsible Lending and Industry Groups Urge HUD to ... MarketWatch - ... to help the largest possible numbers of at-risk borrowers. This is not the appropriate time to permit the lapse of a viable mortgage refinance option. HUD Said to Entice Banks to Enter Foreclosure Program (Update1) Major Revamp Of Two HUD Mortgage Relief Programs To Be Pushed Tips On Saving Your Home From Foreclosure |
 The Money Times | Mortgage Applications Fall VillageSoup Belfast, USA - Mortgage rates were down slightly, so most of the decrease was in mortgages to purchase homes. The refinance index increased 2.6 percent, while the purchase ... HOUSING: Mortgage applications among buyers dip US MBA’s Mortgage Applications Index Decreased 6.2% Last Week Mortgage Applications Down 6.2 Percent; Near 8-Year Low |
Should you refinance your mortgage? Vail Daily News, CO - Many homeowners are finding it increasingly difficult to afford the mortgage payments on the loans they have taken out in the last several years. ... |
 Reuters | Nehemiah Applauds FDIC Chair Sheila Bair for Calling Attention to ... MarketWatch - Further, distressed families could easily refinance out of risky adjustable rate mortgages into low-interest, fixed FHA mortgages using DPA. ... Should Obama name FDIC's Bair as a Special Advisor for Mortgage ... FDIC Revises Proposal to Refinance Troubled Loans New Year US Housing Market Forecast: No Gain, More Pain |
Now Available Again: Stated Income - Verified Assets (SIVA) Real ... PR Web (press release), WA - As a full-service residential mortgage lender, Katz Mortgage Team specializes in residential mortgages, mortgage refinancing, adjustable rate mortgages ... |
Foreclosure mediation, relief for the 'little guy' Minneapolis Star Tribune, MN - ... on their 2006 mortgage adjusted up from 6.53 percent to 10.35 percent. That raised their monthly payments from $1800 to $2600. They couldn't refinance, ... |
Refinancing Borrowers Choose Safety of Fixed-Rate Mortgages DSNews.com, TX - ... prime borrowers who originally had a 1-year conforming adjustable-rate mortgage (ARM) chose a new conforming fixed-rate mortgage when they refinanced. ... |
Rell announces: homeowners reducing monthly payments TownTimesNews.com, CT - ... November 13, announced that Connecticut homeowners using the refinancing program she created last December in response to the subprime mortgage crisis ... |
Capmark Finance Originates $23425000 for Refinance of Autumn Chase ... PR Web (press release), WA - Capmark has three core businesses: lending and mortgage banking, investments and funds management, and loan servicing. Capmark operates in North America, ... |
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