By Carrie Reeder
If you have considered applying for a home loan mortgage
online, there are a few pros and cons to think about with
getting a home mortgage loan online:
1. The process of applying for an online home mortgage loan is
very simple, unlike some lenders who operate in the ‘real’
world and ask for heaps of information.
2. The fees, when applying for a home mortgage loan online,
be considerably cheaper than the mortgages in the ‘real’
3. Online home loan mortgages tend to offer a great variety of
mortgage loan programs, including more flexible repayment
and lower rates of interest.
4. Online mortgages are usually easier for borrowers who have
bad credit history to obtain. Also, online mortgage loan
websites do tend to offer more alternatives to those with a
5. Normally you find out faster if your home loan mortgage
application has been pre–approved if you apply online. This
means you can move on and apply with other lenders faster, if
you don’t get approved the first time.
1. Not all online home loan mortgage lenders have
representation in all 50 states – so if you do apply for a
mortgage loan online, make sure they’re represented in your
2. Accountability can be a problem – you really need to stay
top of things, which can be troublesome if you don’t know what
3. You may be getting the deal that best suits their needs,
4. Sometimes you have to pay an application fee even before
know if your application has been successful – something that
not always the case in the ‘real’ world.
5. If things go wrong, and your online home loan mortgage
provider doesn’t come through, there’s no formal organization
you can complain to.
So, while applying for a home loan mortgage online may be a
good idea, to keep your options open you may also want to talk
with a real estate broker in the 'real world' about applying
for your home loan mortgage. That way you can make your final
decision of who to go with when you are closer to locking in
About The Author: To see a list of recommended mortgage loan
companies online, visit this page:
www.abcloanguide.com/mortgageloans.shtml. Carrie Reeder is
owner of ABC Loan Guide. It is an informational loan website,
with informative articles and the latest finance news.