Article by Everett Maclachlan
The option to apply for an online home mortgage loan can be more convenient doing so by telephone or in person. To get the most out of your experience, here are 5 Success Factors to consider.
SF #1: Try to improve your credit score by 50 points or more:
If you have fair or poor credit, an improvement in your score of just 50 points can save you ,000s in annual debt payments. And, you can make impressive improvements in your score in just a short time, but you should get started as soon as possible so you can qualify for the best rate. Start by pulling your current credit report yourself. You can get a free copy of your report once every 12 months by going to the Federal Trade Commission-authorized Annual Credit Report Web site.SF #2: Compare multiple lenders:
This is a no-brainer, but make sure you find an online site that compares the rates and closing costs of at least 3 lenders. The ability to do this is probably the biggest advantage you will have in using the Web to inquire about rates: be sure to use it.SF #3: Read their fine print:
Before you submit your personal information to a Web site, check out their credentials by reading their security and privacy statements. Also: find out how soon they will be arranging for someone to call you to answer your detailed questions and to fax you a more detailed rate sheet.SF #4: Pay attention to lenders' response times:
When you fill out an online application, subsequent response times from lenders can vary from hours to days. While the first person to call you is not necessarily the one you should go with, consider giving that person a few extra "points" for responsive customer service. Often, how a lender treats you at the beginning will carry through the entire process, all the way to funding.SF #5: Avoid spot decisions based upon rate or closing costs alone:
Make sure you read the detailed conditions about each loan so that you are comparing apples to apples. It is easy to re! ject a l ender who seems to have higher closing costs, only to find out later that the lower-cost option you ended up choosing was not so low cost once everything was factored in.Applying for an online home mortgage loan is by far the most convenient vehicle for getting a loan as compared to via the telephone or in person. If you choose to go this route, the first thing to do is to pull your credit report so you can do what you can to start improving your score, if necessary. Once you do start applying for a loan online, use common sense, read the fine print, and keep your wits about you as you move forward in the process.
About the AuthorJust a 50-point improvement in your credit score can save you ,000s per year in mortgage payments. For insider tips on improving your credit score by up to 249 points within 90 days, download the Credit Secrets Bible at: http://www.Success-Junky.com/
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