Borrowing Online

Borrowing online popularity

It is not surprising to find out that home buyers are browsing and shopping for homes online, but is it surprising that they’re borrowing the money to buy those homes on web sites without ever meeting with a loan officer face to face?

The web offers numerous reputable sites that offer 24-hour access, seven days a week to those who prefer to go about getting their mortgage online.

So what do these sites have to offer? Besides the convenience of 24-7 access, these sites also offer borrowers a place to go where lenders will compete for their business. People with excellent credit may get immediate preliminary responses; others may have to wait a day or two for the offers and quotes to come in. Many of these sites offer sub-prime lenders who cater to those with damaged credit. Online brokers offer easy, automated access without the hassle of having to go into a physical office.

Online mortgage brokers

If an online mortgage broker is for you, and you don’t care if you meet face to face with a live person, there are precautions that you should take to ensure you are doing business with a reputable broker or firm. The first thing you will want to do is make sure that they are licensed by your state’s regulatory agency, if such licensing exists. Also, check with the Better Business Bureau www.bbb.org Of course, Allie Mae is always a good source. Apply with us to be paired with an approved lender. or speak with other consumers in our discussion forum.

You will also want to make sure that any personal information you submit through the site is sent over a secure connection. If it’s not, your information is at risk of being stolen by unscrupulous individuals who hack into systems. Identity theft is a growing concern, and you should make sure your information is safeguarded during this process.

Also, try to limit yourself to a few credible online brokers/lenders. If you go to too many different sites, they will each pull your credit report and it will have a negative impact on your credit rating. Each time your credit report is pulled, an inquiry shows up on the report. Too many inquiries may have a negative impact on your total credit score. You can get a copy of credit report here.

 

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By visiting Allie Mae you have taken your first step toward becoming an educated borrower. Allie Mae is an objective, independent source of information for the mortgage consumer. Whether you are buying a home, refinancing, taking a home equity loan, building a home or in need of a mortgage for any purpose, Allie Mae is here to help. Allie Mae has helped thousands of people with their mortgage needs. We have a complete selection of articles, charts, calculators, and checklists designed to help you through the mortgage and home buying process.

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