Several homeowners find the Internet to be very helpful during the re-financing
process. The Internet may be useful because it provides the homeowner with a
wealth of information, because it provides the ability to submit loan
applications and receive estimates online and because makes it easy for
homeowners to consider complicated mathematical equations for a variety of
options with ease. While the Internet can be a homeowner�s best friend it can
also be the homeowner�s worst enemy. Homeowners who are using the Internet to
perform the majority of their re-financing research should be aware of the
potential problems associated with finding information online. Additionally,
this article will provide the reader with useful information regarding the types
of information they may find on the Internet as well as tips for selecting
reliable Internet resources.
Exploring the Internet
Whether you imply it as the Internet or the World Wide Web, there is no denying
the way the Internet has changed our society. Just a few years ago, the process
of re-financing was largely done during banking hours by meeting directly with
financial advisors. However, this is no longer the case.
The major pro that young homeowners have over their parents or grandparents is
the aptitude to learn more about re-financing options quickly and even receive
quotes online in a matter of minutes. While the process of re-financing still
involves elaborate mathematical calculations, many of these calculations have
been automated so the homeowner only has to enter in the known variables to
solve for the unknowns. These calculators are readily available throughout the
Internet. Each calculator may not be designed identically so homeowner should
use a couple of calculators to determine an approximate range of answers.
Aside from finding information and making use of mortgage calculators, the
Internet can also be used to obtain quotes. Homeowners are able to fill out
simple forms with only a few pieces or relevant information and lenders are able
to contact the homeowner with information about the types of re-financing
options and interest rates they may be able to offer to the homeowner.
Selecting Reliable Resources on the Internet
The Internet is full with effective information. However, the Internet is also
filled with incorrect information. Homeowners should be aware of this fact and
should avoid using the Internet exclusively in the research process. This will
enable the homeowner to independently verify the information they find online.
One way homeowners can stay away from coming into contact with misinformation is
to select only reputable websites on the subject of home mortgages. Determining
which websites are reputable and which ones are not is not always easy. Website
design is a fairly simple process and there are many people who can create a
website which looks professional. However, the appearance of the website does
not ensure the quality of the content provided on the website. Even the most
professional looking website may contain inaccurate information. This may not be
intentional but it often occurs when the website owner is quite knowledgeable
about website design but is very knowledgeably about the subject or
re-financing.
One way to evade the likelihood of being misinformed on the Internet is to rely
solely on websites maintained by well known lenders or financial institution.
Often the ownership of the website may be difficult to decipher but many well
known financial institutions use their name as their domain name and optimize
their website for keywords related to their name. This is done to ensure those
who search for their name will be directed to their website.
Using Caution on the Internet
It is always clever to use carefulness when participating in Internet
activities. As previously discussed, this involves verifying the information
obtained on a particular website. This may be done by using independent
resources such as published books or consultations with financial advisors to
confirm the Internet research.
Moreover, homeowners should be cautious about divulging sensitive information
such as full name, address or social security number. This type of information
should only be given to sources which are deemed to be reputable.
This work is protected under copyright and may not be published in other works without express written permission
Return to Brokerforyou's real estate articles