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 theyre 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
Online mortgage brokers
If an online mortgage broker is for
you, and you dont 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 states
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 its 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
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.