What you need to know about Online Re-Financing
The Internet has largely simplified the handling of re-financing a
loan. Years ago homeowners had to go to a lender during regular
business hours for lengthy consultations and would have to visit
several different lenders to determine which one would offer the
best rate. The Internet has not only simplified the process but has
also given homeowners the luxury of investigating re-financing
options at their convenience and also receiving multiple quotes form
different lenders by filling out one simple online form.
Researching Re-Financing Online
The Internet has not only made it easier for homeowners to
re-finance but it has also seriously simplified the process of
learning more about re-financing. Again homeowners from past
generations might have to rely on industry professionals and
published books on the subject of re-financing. However, today’s
homeowners can look up re-financing and find a wealth of useful
information regarding the different types of loans and re-financing
options available. Homeowners can also use the internet to access
calculators which perform the complicated equations homeowners
previously had to leave up to the trained professionals. These same
calculations which may have taken a considerable amount of time to
complete and correct are now solved within a fraction of a second.
Select a Reputable Lender
Homeowners who are doing the bulk of their re-financing research and
searches online should cautiously consider the lender they choose.
This is important because whether a lender is found online or
offline, care should be taken to ensure the lender is reputable. The
easiest way to do this is to stick with a well established lender
who comes highly recommended by friends and family members. This
does not mean new lenders and smaller lenders are not reputable but
there is significantly less risk involved in selecting an
established lender than there is in selecting a new lender.
LendingTree.com
Homeowners who are exploring their re-financing alternatvies online
may find the website LendingTree.com to be a very valuable resource.
This website offers articles and calculators which the homeowner can
use to gain the knowledge they need to make an informed decision.
The articles on the website are written in clear and concise
language which is easy to understand and the calculators are
extremely user friendly and allow require the homeowner to enter in
a few variables to obtain the desired results.
Another great aspect of this website is the addition of a link which
presents access to obtaining a free credit report. The process is
very simple although it does require the homeowner to verify their
identity. This is done to protect homeowners from identity theft or
other acts of fraud. This is significant because homeowners are
likely to realize the terms of their mortgage re-finance will depend
largely on their credit score. Homeowners who have good credit will
likely be offered favorable rates and terms while homeowners with
less than perfect credit will not be offered favorable rates and
terms.
However, the most important feature of this website is the ability
to obtain up to four quotes from qualified lenders by filling out
one simple form. The information required is rather basic in nature
and is information which most homeowners have readily available.
Once this information is submitted into the system, the responses
are received from up to four lenders almost instantly. The
information contained in these reports is customized for the
homeowner according to the information inputted into the system.
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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