National Online Mortgage

There are a large number of mortgage lenders that make their products available nationwide via the internet.

Average people can now choose from a wide variety of mortgages by simply going online. An average homeowner can now get the same choices and offers that were only available to mortgage brokers just a few years ago by going online.

The internet has allowed a national mortgage market that gives average people as much power and choice as professional brokers to develop. An average person can now have several national mortgage lenders competing against each other for the privilege of issuing her mortgage.

How Online Mortgages Work

The way an online mortgage works is actually quite simple. A person types a description of the mortgage they want into a form at a mortgage website. The website then puts this information into a computer program which compares it to offers from a number of different mortgage lenders. The website then provides this information back to the consumer in the form of mortgage quotes.

This enables an average person to get several mortgage quotes from different mortgage lenders in just a few minutes. It allows people to see what interest rates and mortgage terms they can get. It also enables a person to make a fairly quick mortgage application online.

Online Mortgage Approval

The mortgage quote is only the beginning of the online mortgage process. Once the person has chosen the quote they want they will have to file an online mortgage application.

This process consists of filling out another form that is submitted to the mortgage lender. The form includes permission for a credit check which is run almost instantly. If the credit check indicates that the person meets the mortgage lender’s requirements the mortgage will be approved.

This means that a person can get almost instant mortgage approval. It also means that having a good credit rating is vital to getting a mortgage. A person with a good credit rating can get approved fairly easily. A person with a bad credit rating may have to shop around and visit several lenders before getting approved.

Protect Yourself Online

When you are searching for a mortgage online never give any information beyond the amount of the mortgage you want, the interest rate you want and the terms you want. A mortgage provider doesn’t need to know your Social Security Number, your name or your driver’s license to give you a mortgage quote.

 All they need to know for a mortgage quote is the area you live in, the amount you want, the interest rate you want and the terms you want. Providing more information can enable them to run a credit check which can damage your credit score. It can also make you vulnerable to identity thieves.

You should always be leery when a website starts asking for things like your Social Security number, bank account information and driver’s license number before you apply for a mortgage. That means it could be a scam set up by identity thieves to get their hands on your personal information.