You might think that applying for a mortgage online is just like applying with a broker in the "real world," except that it's easier.
Applying for a mortgage online is much more convenient, and because there are so many lenders online, you're sure to get a better rate. But there's another reason to use the internet to apply for a loan.
When you meet with a broker and they look at your finances, they might tell you, "We can get you this rate." So, that's all. That's the loan you can get from that broker. It makes sense that most brokers want to process as many mortgage loans as possible as quickly as possible. Well, one thing you might want to know to help yourself is that there are literally hundreds of different mortgage programmes. Most brokers and lenders won't tell you about the different kinds of mortgages you can get. Most of the time, they have a few favourite programmes that they use over and over again because they know how to use them.
Researching loan programmes online is a great way to help yourself. One good thing about the Internet is that it has a lot of helpful articles and information about the pros and cons of all kinds of loan programmes, such as FHA loans, balloon mortgages, VA loans, graduated payment mortgages, Fannie Mae and Freddie Mac loans, and so on.
Once I started doing research online and reading through mortgage company websites online, I was shocked to find out that there are mortgage loans online that I would have liked to have when I bought my house, but I didn't even know they existed and my broker never told me about them. If I had done my research online first, I could have saved a lot of money.
