In our last article, we discussed using the internet to research your 1st home while saving your down payment. In this second installation of using the internet for research, we're going to discuss how to most effectively use the internet to research a mortgage. You may have decided that you want to become pre-qualified for a mortgage before you start looking for a home, or even more exciting, you've found the home you want and you're ready to find the perfect mortgage. You're saving up your home loan down payment! It's the perfect time to use the internet to research your mortgage.
A few years ago it would have been a frightening proposition to apply for a mortgage online or to even consider using the internet to shop for a mortgage online. Today with more and more security available, we're not as skeptical as we once were about doing our shopping and our banking online so why not search for a mortgage online?
Get Multiple Mortgage Rate Quotes
Some of the online mortgage services offer an added bonus in that when you apply through them you're actually applying through a service that puts your information out to several sources and they'll return to you with actual bids for your business, which allows you to then narrow down the search process by selecting only those lenders whom you feel best suit your needs. One such service is .
A Few Mortgage Websites For First Time Homebuyers
There are a variety of mortgage services online and while some will have limited use most of them do offer primary home mortgages. If you want to find a lender who will almost surely maintain your loan in their portfolio (and not sell it off to another lender for servicing) you might want to consider a lender such as Bank of America where you can identify where you are looking and they will advise you what their rates and requirements are in that area.
If you really like the idea of being able to compare a number of different lenders at the same time you probably would prefer a service similar to that which is offered by where your mortgage application will be supplied to a variety of lenders and they can then return a bid to you to help you make a decision about your mortgage.
Interested in thoroughly researching all about mortgages while saving your down payment? The Mortgage Professor is one of the top websites devoted to free home loan information. One great thing about this site is it is written by a mortgage expert with no strings attached. It's free, honest information! Another great website with tons of mortgage information for 1st time buyers is the HUD Home Buying Site. Another one: Michael Bluejay's How To Buy A House.
Concerned About Your Information?
You must be certain to protect yourself when you are shopping for a mortgage online. Because many lenders cannot provide you with specific loan information without certain personal information there is potential for fraud or identity theft. Be sure to carefully review the security features of all offers to apply for loans online and keep your information safe. My personal suggestion? Stick with the big brand name websites you have heard of and you will be fine. If the website is large and reputable, they most likely have the latest security functionality to keep your personal information safe and secure! Don't be afraid if you're not comfortable with something asked on an application to stop filling it out and use the "contact us" feature or contact the lender by telephone.
Enjoy your experience of searching for a lender online. As a well educated consumer you will find the best mortgage loan to suit your needs. We are truly lucky these days that the online mortgage space is so competitive. This competition creates a great experience for the consumer and the ability to find a very low home loan rate.
Want to learn more about mortgages for first time homebuyers saving up their down payment? You may wish to check out some of our other articles on the subject:
Also, you will want to make sure to check out the next article in this series: using the internet to research repairs on your first house.
This article is written by guest author Doreen Martel exclusively for Save For House.