The internet can be useful when you’re looking for a mortgage. But when you’re dealing with online mortgage lenders, there’s a range between legitimate ones and those running small-time scams. This article will cover some tips for choosing the best online mortgage lender, including: knowing your credit score, using referrals and comparing mortgages.
Knowing your Credit Score
This will not allow you to put your feet up on the desk and demand the best terms, as one commercial suggests, but it will let you know where you stand. “Just because you have a 700 credit score doesn’t put the ball in your court,” says Donald Frommeyer, chief executive officer of the National Association of Mortgage Professionals and a loan originator at American Midwest Bank in Indianapolis. Source: money.USNews
Using Referrals
Start by asking someone close in your universe that has recently gotten a mortgage; see if they can recommend their lender. Ask a financial adviser, an accountant, your attorney or your realtor to help you with a short list of lender referrals. These people deal with mortgage lenders regularly and can help you filter that continuum with the greatly disparate expertise and wherewithal and add real confidence to your decision. Source: Forbes
Comparing Mortgages
You don’t have to get your home loan from your closest bank.
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