Online Lenders With the Lowest Rates
- By Patricia Payne
- Published 09/3/2011
Online Lenders with Lowest Rates: Step 1
The first step in the process is to do searches on Google or Yahoo (or your favorite search engine). You will want to find mortgage lenders in the state the property is in so do online searches like: Arizona mortgage lender; Florida mortgages, etc. You do not want to go work your way through an entire application process to learn that the mortgage lender does not provide mortgages in the state the home purchase is in.
Put together a list of potential lenders. Then you can add to the list any other lenders you are familiar with.
Online Lenders with Lowest Rates: Step 2
After you have compiled your list of potential lenders it is time to weed through them (or you can do this step in conjunction with step 1). Review each of the websites and confirm what types of mortgage loans they offer. Make sure they offer the type of loan you are looking for (adjustable rate, 30 year fixed, 40 year fixed, 20 year fixed, bad credit, no income check, etc). Eliminate from your list all of the mortgage lenders that do not offer the type of loan you want.
Online Lenders with the Lowest Rates: Step 3
You now have your short list of lenders. It is time to compare interest rates. First, make sure the rate you see in large numbers on the site is actually a potential rate that would apply to you.
Some mortgage lenders will display the introductory rate for an adjustable rate mortgage. This is great if you are applying for an adjustable rate mortgage. Some mortgage lenders will display interest rates on very unique loan packages that you will not qualify for so make sure you read the fine print carefully.
Virtually all lenders will display the very best possible rates (perfect credit, etc) you are in theory comparing apples to apples though you may not fit the criteria of the loan posted.
If you have no credit or bad credit, you should review the lender’s entire website and confirm that they offer mortgage loans to buyers with bad credit or no credit. Some companies specialize in these types of loans. However, be prepared to pay much higher interest rates on these types of loans.
The bottom line is you can relatively easily compare mortgage rate quotes from lenders. If the lenders offer a pre-qualification opportunity you should definitely take it. This will let you know if you can be approved and at what potential interest rate.
If you follow these steps you can find the online lenders with the lowest rates.
This article is intended for general information. Always seek sound financial and legal advice before making any financial decision.
Helpful mortgage information at Online-Home-Mortgage.net P. Payne works for OHM Mortgage and Foreclosure Information Site providing answers to all those questions people need to know.
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