Posted by NewBuyer on December 2, 2009 | No Comments
An eye-opening look at the best places to shop for a home mortage. Learn the “best for”, “what to watch out for” and “how to get the best deal” for the three top mortgage sources (i.e. online, bank and broker). From the resource: “When inputting data into the online mortgage tool, don’t guesstimate your income, your credit score, or other key stats. If you submit incorrect information, you probably won’t get the rate that you’ve been quoted.”
Source: CNN Money
Read More About Mortgage Sources at Newbuyer.com
Posted by Elizabeth Dennis on November 22, 2009 | No Comments
A concise look at five myths that surround bad credit mortgage loans. The myths include: “I’m getting a low cost or no cost mortgage, my broker is working for free, a sub prime mortgage is a good idea, the loan officer will look out for my best interest and you must be able to show a W2 to qualify for a bad credit mortgage.”
Source: Loan.com
Read more about bad credit mortgages at Newbuyer.com
Posted by Elizabeth Dennis on November 18, 2009 | No Comments
Advertisements on the web for online mortgage quotes and mortgage rate comparisons are everywhere (truth be told; you don’t have to dig very deep here on Newbuyer to find one!) Worth noting however, is that not all online mortgage operations work the same way. We’ll focus on two types of mortgage sites (mortgage lead generation sites and mortgage aggregators). Let’s look at how these sites work and important things to consider while using them.
The first thing to note about both of these mortgage operations, is that they themselves are not mortgage lenders. They do not offer or give mortgage loans; only a means to find one. That said, let’s move on.
Mortgage lead generators (ex. LendingTree.com) work like this. You, as the applicant fill out an online form. Your information is then shared with a number of lenders who will then contact you to give you a rate quote for your home loan. Quite simple, really.
While there is a certain advantage to completing only one application and having a handful of mortgage companies contact you; there is a downside to this convenience which must be noted. There is a good chance that you have never heard of these lenders. With that, it is unlikely they have an office in your community or know the lending laws in your area. More importantly, these lenders will often not be more or less competitive than the mortgage provider on your street corner.
An aggregation site (ex. Bankrate.com) provides a platform for mortgage lenders to advertise their interest rates. By entering very basic information such as your desired product type (length and type of loan), loan amount, percent down and your zip code, you will be presented with mortgage rates that match your criteria. If you choose, you can continue on and give the listed providers additional information where they, in turn will contact you. Again, very easy.
However, as with the lead generation sites, you may not recognize the names of the mortgage lenders listed by the aggregators. Again, time to think if a local lender would be a safer bet. Also, you’ll notice the rates presented are as they say, “all over the map.” Therefore, you will need to do your own analysis of the findings in terms of rates, points, fees, etc. to determine the best deal.
So there you go; those are the basic differences between mortgage lead generation sites and aggregation sites. Although both of these types of sites can certainly provide helpful mortgage information at the click of a button, remember it is not complete information. Continue to research lenders in your local area and visit the websites of the better known, larger mortgage companies.
Click Here!
