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The Mortgage Loan Application Online - Save Time & Money By Applying On The Internet

The Mortgage Loan Application Online - Save Time & Money By Applying On The Internet

"You can save time and money by applying for a mortgage loan online." This often touted tagline seems like a gimmick, but it's true. Here's why:

You Do The Work

By researching your loan online, you save time from visiting an office and getting the run-around from loan officers. It is unlikely you will get a straight mortgage quote from a bank over the phone, but you can get quotes from several lenders at once using a mortgage broker site. You also save time and money for the mortgage lender by accessing financial information online.

You also save the mortgage lender time when you fill out the mortgage loan application online. By entering your information into the mortgage lender's database, you reduce the need for data entry clerks. Your information is then verified efficiently through databases for an almost instant approval.

Consolidated Mortgage Offices

With the Internet, mortgage lenders are able to consolidate their offices into one spot, usually in a low cost area of the country. With reduced overhead and a smaller staff, mortgage lenders can increase their profits or pass the savings onto consumers in the form of lower rates and fees.

Efficient Processes

Online mortgage loan applications are efficiently designed to reduce time and costs for both you and the mortgage lender. Instead of haggling with a loan officer over terms of your loan, you feel out a simple form that include such options as buying points to reduce your interest rates.

Information At Your Finger Tips

You also save time when you fill out your mortgage loan application online. At home, you have access to all your financial records, unlike at a bank office. If you need to change information on a form, you simply correct the error instead of filling out an entirely new form.

Online Competition Saves You Money

With the internet making comparison shopping easy, mortgage lenders are forced to be competitive with their rates and fees. In order to increase their profits, some lenders reduce their rates only to increase their fees. So be sure to compare both rates and fees when looking for a mortgage lender.

To view our list of recommended mortgage lenders online, visit this page: Recommended Mortgage Lenders Online.

Carrie Reeder is the owner of ABC Loan Guide, an informational website online about various types of loans.

In The News:

Killer Startups
FreeHomeRefi.com - Mortgage Refinancing Resources
Killer Startups, FL - Oct 10, 2008
It is a handful resource for people who want to have their mortgage refinancing done in a simple way. â€œFree Home Refi is committed to providing consumers ...

Washington Times
ARM Holders Would Do Well to Shop Around Now
Washington Post, United States - 20 hours ago
When Torres refinanced his Georgetown home in 2005, he got a five-year, adjustable-rate jumbo mortgage. (It's a jumbo because it's above $417000. ...
EDITORIAL: Let Bailout Money Trickle Up, Not Down istockAnalyst.com (press release)
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A Solution To The Financial Crisis? VDARE.com
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Mortgage refinancing wave seen silver lining to market woe
Reuters - Sep 15, 2008
Yields on mortgage-backed securities that also dictate rates lenders can offer also fell, albeit to a lesser degree. The 30-year fixed rate on Monday ...
Applications to refinance mortgages surge as rates drop below 6% USA Today
Fickle Mortgage Market Demands Quick Decisions Washington Post
Lenders' woes could aid borrowers Boston Globe
Newsday - Wall Street Journalall 221 news articles

Freeport family battered by economy
Newsday, NY - 2 hours ago
Joan Fennell said her mortgage broker "promised" verbally she could refinance again within the year into a fixed-rate loan and she assumed she'd earn enough ...

The Truth About Mortgage Refinancing Revealed By Oregon Mortgage ...
SBWire (press release), WI - Oct 8, 2008
The site is designed to give Oregon residents all the facts about mortgage refinancing so they can make an educated decision when obtaining a mortgage. ...

Reps Blunt And Frank Criticize McCain Mortgage Plan
ABC News - 11 hours ago
John McCain's proposal to refinance distressed mortgages. "Not at face value, we're not going to buy up the mortgages at face value, because the people who ...
CQ Transcript: James Baker, Lawrence Summer, Rep. Barney Frank ... CQPolitics.com
all 3 news articles

Avon Jittery As It Prepares To Refinance Debt
Hartford Courant, United States - 20 hours ago
... been struggling to process just $1 billion a week, a victim of the same credit strangulation that has stalled the mortgage and commercial paper markets. ...

Seattle Post Intelligencer
McCain campaign outlines mortgage-rescue plan
San Francisco Chronicle, USA - Oct 9, 2008
Barack Obama, McCain's Democratic rival, has proposed helping troubled homeowners refinance their mortgages, but his campaign attacked McCain's proposal for ...
Video: Obama: 'Taxpayers Shouldn't Pick Up Tab' AssociatedPress
Principal is key to housing solution Winston-Salem Journal
Taxpayers, Not Lenders, Would Bear Costs of McCain’s Mortgage Proposal New York Times
Wall Street Journal Blogs - Newsdayall 891 news articles

New York Daily News
Homeowners have new option
Seattle Post Intelligencer - Oct 10, 2008
The Hope for Homeowners plan is supposed to help up to 400000 homeowners who can't afford their mortgage payments and who can't refinance to get a lower ...
New program offers financial help for homeowners The Union Leader
all 10 news articles

Majority backs McCain’s $300B mortgage plan
Bizjournals.com, NC - Oct 10, 2008
John McCain, R-Ariz., that would have the federal government buy distressed and upside down mortgages and refinance them so homeowners can avoid ...

mortgage refinance - Google News

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