Learning about Re-Financing Online
Numerous homeowners find the Internet to be very valuable during the
re-financing process. The Internet may be useful because it provides
the homeowner with a wealth of information, because it provides the
ability to submit loan applications and receive estimates online and
because makes it easy for homeowners to consider complicated
mathematical equations for a variety of options with ease. While the
Internet can be a homeowner’s best friend it can also be the
homeowner’s worst enemy. Homeowners who are using the Internet to
perform the majority of their re-financing research should be aware
of the potential problems associated with finding information
online. Additionally, this article will provide the reader with
useful information regarding the types of information they may find
on the Internet as well as tips for selecting reliable Internet
resources.
Exploring the Internet
Whether you call it as the Internet or the World Wide Web, there is
no contradicting the way the Internet has changed our society. Just
a few years ago, the process of re-financing was largely done during
banking hours by meeting directly with financial advisors. However,
this is no longer the case.
The major lead that young homeowners have over their parents or
grandparents is the ability to learn more about re-financing options
quickly and even receive quotes online in a matter of minutes. While
the process of re-financing still involves elaborate mathematical
calculations, many of these calculations have been automated so the
homeowner only has to enter in the known variables to solve for the
unknowns. These calculators are readily available throughout the
Internet. Each calculator may not be designed identically so
homeowner should use a couple of calculators to determine an
approximate range of answers.
On top of finding information and making use of mortgage
calculators, the Internet can also be used to obtain quotes.
Homeowners are able to fill out simple forms with only a few pieces
or relevant information and lenders are able to contact the
homeowner with information about the types of re-financing options
and interest rates they may be able to offer to the homeowner.
Selecting Reliable Resources on the Internet
The Internet is packed with helpful information. However, the
Internet is also filled with incorrect information. Homeowners
should be aware of this fact and should avoid using the Internet
exclusively in the research process. This will enable the homeowner
to independently verify the information they find online.
One way homeowners can prevent coming into contact with
misinformation is to select only reputable websites on the subject
of home mortgages. Determining which websites are reputable and
which ones are not is not always easy. Website design is a fairly
simple process and there are many people who can create a website
which looks professional. However, the appearance of the website
does not ensure the quality of the content provided on the website.
Even the most professional looking website may contain inaccurate
information. This may not be intentional but it often occurs when
the website owner is quite knowledgeable about website design but is
very knowledgeably about the subject or re-financing.
One way to evade the chance of being misinformed on the Internet is
to rely solely on websites maintained by well known lenders or
financial institution. Often the ownership of the website may be
difficult to decipher but many well known financial institutions use
their name as their domain name and optimize their website for
keywords related to their name. This is done to ensure those who
search for their name will be directed to their website.
Using Caution on the Internet
It is always wise to use care when participating in Internet
activities. As previously discussed, this involves verifying the
information obtained on a particular website. This may be done by
using independent resources such as published books or consultations
with financial advisors to confirm the Internet research.
In addition, homeowners should be cautious about divulging sensitive
information such as full name, address or social security number.
This type of information should only be given to sources which are
deemed to be reputable.
ABOUT THE AUTHOR
Bob Schwartz, is a Certified Residential
Specialist, CA licensed real estate broker with
www.Brokerforyou.com. Bob
has over 27 years of residential real estate experience, authored a
number of published articles and served as an expert witness for
San Diego lawyers. You can contact
Bob via e-mail at bob@brokerforyou.com or visit his highly popular
San Diego real estate website at:
http://www.brokerforyou.com
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