Getting Home Loans Online

You can find both traditional and alternative home loans online. Today, major banks and lenders have online application options. You may also use an alternative lender, such as an independent finance company, which is the more traditional form of online mortgages. The process involved will depend upon the choice you make.

Traditional Mortgages Online

Traditional lenders will permit you to do basic research, receive a quote and maybe even submit an application online. For the most part, however, these lenders will want to meet with you to close the mortgage. Once you get past the application step and into the underwriting process, you will likely be invited to make an appointment with a broker.

Alternative Mortgages Online

Alternative lenders are typically classified by higher risk levels and corresponding higher interest rates. These options, due to their cost, tend to be best for individuals who may not qualify for a traditional mortgage. In this case, you may be able to complete all steps of your mortgage funding online. When working with an alternative lender, look for signs of predatory lending. For example, be sure to read reviews, check phone numbers and addresses, and question the lender about mortgage insurance. The risk of an alternative loan falls on both the lender and the borrower.