Online Mortgage Rate Considerations
“Things To Consider Before Shopping For Online Mortgage Rates”
With the continual advancement of the internet, online services for providing mortgage rates and potentially in the future, signing up for the mortgage online are going to become more visible to those that prefer to do more and more of their business online.
The key to any type of online business is simplicity of service where you can basically point and click on what you want. The closer something is to a commodity, the more likely online competition and offerings will appear.
So if you have great credit and are looking for a very straightforward mortgage offering, shopping around for the best rate on line will likely become an easier process in terms of both convenience in finding what you’re looking for and the speed of completion of the mortgage process.
For anything that’s not completely straightforward, these online line rate quoting services may end up leaving you wanting more.
As I’ve written before, a mortgage decision is one of the biggest financial decisions most people will make in their life time.
So taking the time to understand where you fit into the market, the terms and conditions of different offerings, and settling on rates and terms that make sense for your cash flow and future plans is pretty important.
As I write this article and post it in online media, I truly see the value of using the internet as a tool to assist with the mortgage financing process.
But my objective is to help you locate a suitable adviser who can assist you with the process.
All the posted rate information can be very misleading and many times comes with certain conditions that may or may not make sense to your particular situation.
As a mortgage broker, my goal is to give you broader access to the market and help guide or fit you into a lender’s program that will be the most beneficial to you at any given point in time.
This is an important distinction in the process of locating and securing a mortgage as lender programs and rates are a moving target, so whatever is advertised online today can be different tomorrow and if the information is not constantly brought up to date and refreshed, can end up being misleading.
The other aspect of online rate shopping is that is basically ends up having you select one lender to apply to, based mostly on posted rates.
If you make an application to a unique lender and don’t end up taking their offering, you’re not only right back at the starting point, but you’re also going to have more credit inquiries from a “one at a time” application process.
The point here is that posted online mortgage rates can be very misleading and many times are designed to get you to apply without you being able to tell if you will even be able to qualify for the offer.
Once again, for high credit score, high income, high net worth applicants, low rate shopping on line can be very beneficial.
For everyone else, at least at this point in time, it can be a bit misleading.
If you have any questions about mortgage financing for a residential or commercial requirements, please give me a call and I will make sure all your questions get answered right away.
About the Author Joe Walsh
I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel