The internet mortgage market place is becoming increasingly common for consumers studying possibilities and new mortgages and mortgage refinancing. Searching for a mortgage on the internet can not only save you a lot of time, but when you find the correct package, perhaps a considerable amount of money as well. However dealing with these online mortgage companies may also be frustrating for a lot of people, especially when the numerous bank mortgage quotes start filtering in.
Pete Carroll, the performing assistant director for mortgages in the newly created Consumer Financial Protection Bureau, recommends that consumers start the procedure by studying the fine print of every site they decide to use.
If you’re looking at the various rates on sites like Lending Tree or Bank Rate, be sure to take a look at the FAQ’s section and understand that these mortgage brokers are there to make money by working with lenders. However, this doesn’t mean that you can’t take advantage of their offers & tools and save yourself a significant chunk of money AND get a great mortgage at the same time.
Make sure you know the quality of the mortgage sites you are looking into. Investigate the services these companies offer and read reviews to help determine if the companies really deliver on the features they offer. Bankrate.com employs a 40 person department that is solely in charge of quality control for the lending offers they provide.
So how many quotes should you expect to receive? At Zillow Mortgage Marketplace, customers generally receive and average of 2 rate quotes, while at LendingTree, most applicants get 3-5 mortgage offers. (based on information from both companies)
Once you’ve completed your application at any of the numerous online mortgage companies, you should expect to start receiving calls & emails from lenders within hours. Having access to this number of rates & quotes will allow you to find the mortgage that fits your exact needs.
It’s important to remember that while many of the online mortgage lenders claim to make the process “fast & easy”; shopping for a mortgage is an important decision that requires time and thorough research. Take your time to do proper research and find a mortgage that works with your current home and financial situation. There are still great rates to be found from most of the mortgage services you will find online.