Online Mortgage Tools: Internet Dominates
As you are probably well aware, we have moved to times where nearly everything can be done via the internet and on your computer which is why I set out to create a list of 2017 Online Mortgage Tools that every borrower can use to educate and prepare themselves for the mortgage process. We are at a point in time where all services and rates from a potential lender can be found through a simple inquiry or Google search and at the very least, this can get you in the ballpark for what to expect when moving forward with your home purchase. The internet can be a wealth of information, but you need to take all the information you find and use multiple sources because what you see on one site might not be reflective of what you see on another site. In this article we are going to go over some of the 2017 Online Mortgage Tools and in the process we can hopefully make you a well-informed borrower.
Online Rates
If there is one item that has gone by the wayside since the internet it is the mortgage rates that you can expect to receive from different lenders. Before the internet and even during the early stages of the internet, you physically had to go into a lending institution, fill out an app, sit down with a loan officer, and then see what kind of rates they can do for you. Now with the filling out of a simple form, there are plenty of websites out there that can relay the most up-to-date mortgage rates from a lot of the big lenders across the country. This may not be the exact rate you will receive from the lender, but if you provide an accurate credit profile it should wind up being pretty close.If you are looking for an exact rate, it is still required that you will out an application, have your credit pulled, and provide an entire file to the proposed lender so they can let you know exactly what your rate will be.
Calculators
If there is one tool you can find everywhere online, it is the mortgage calculator. You can find tools that will give you just your monthly payment of principal and interest, or you can find detailed ones that will include your escrows for property tax and insurance or your PITI payment. It is very easy for you to input the amount of the loan, interest rate, and even property tax estimates to give you a proposed payment. Obviously, you won’t know your exact payment until receiving that from your lender, but you can be pretty close. There are also calculators for other than mortgage payments which can include: Affordability Calculator, 15-year vs. 30-year Calculator, Discount Points Calculator, or even a Refinance Calculator. There is almost a calculator for any scenario you can think of and these tools are very helpful in your home purchasing decisions.
Credit Reports
If there is one of the 2017 Online Mortgage Tools that may be the most important, it is the ability to obtain a free credit report from a large variety of sites out there. It is wise to use these tools to ensure there are no surprises once you fill out your loan application. You can obtain a free credit report every year which can help you identify if your identity has been compromised throughout the course of the year. If you find errors on your report, you can dispute the errors and get them removed accordingly.
Applying Online
As was mentioned in the opening of this article, applying for a mortgage online is almost a certainty these days as filling out an application by hand has gone away as internet capabilities have increased. You can apply to a specific lender online of your choosing and your information will go directly to them. You can also use some websites where the information you enter is sent to a lot of lenders who will all battle for your business. This way might be a little strenuous so if you don’t know what you’re doing you are probably better off applying to the lender of your choosing.
Conclusion
As you can see with our world going more and more to internet based solutions, it should be no surprise that the mortgage industry has followed suit. When doing your research you always need to ensure you work with a professional who has extensive knowledge in the industry and can lead you the proper way through your home purchase. Here at Loan Consultants we always have the client in mind with everything we do and we strive to satisfy everyone 100%. Please feel free to call us any time at 888-900-1020 and get your process started today!