The Internet has significantly simplified the handling of re-financing a loan.
Years ago homeowners had to go to a lender during regular business hours for
lengthy consultations and would have to visit several different lenders to
determine which one would offer the best rate. The Internet has not only
simplified the process but has also given homeowners the luxury of investigating
re-financing options at their convenience and also receiving multiple quotes
form different lenders by filling out one simple online form.
Researching Re-Financing Online
The Internet has not only made it easier for homeowners to re-finance but it has
also seriously simplified the process of learning more about re-financing. Again
homeowners from earlier generations might have to rely on industry professionals
and published books on the subject of re-financing. However, today�s homeowners
can look up re-financing and find a wealth of useful information regarding the
different types of loans and re-financing options available. Homeowners can also
use the internet to access calculators which perform the complicated equations
homeowners previously had to leave up to the trained professionals. These same
calculations which may have taken a considerable amount of time to complete and
correct are now solved within a fraction of a second.
Select a Reputable Lender
Homeowners who are doing the greater part of their re-financing research and
searches online should cautiously consider the lender they choose. This is
important because whether a lender is found online or offline, care should be
taken to ensure the lender is reputable. The easiest way to do this is to stick
with a well established lender who comes highly recommended by friends and
family members. This does not mean new lenders and smaller lenders are not
reputable but there is significantly less risk involved in selecting an
established lender than there is in selecting a new lender.
LendingTree.com
Homeowners who are examining their re-financing opportunities online may find
the website LendingTree.com to be a very valuable resource. This website offers
articles and calculators which the homeowner can use to gain the knowledge they
need to make an informed decision. The articles on the website are written in
clear and concise language which is easy to understand and the calculators are
extremely user friendly and allow require the homeowner to enter in a few
variables to obtain the desired results.
Another great characteristic of this website is the addition of a link which
offers access to obtaining a free credit report. The process is very simple
although it does require the homeowner to verify their identity. This is done to
protect homeowners from identity theft or other acts of fraud. This is
significant because homeowners are likely to realize the terms of their mortgage
re-finance will depend largely on their credit score. Homeowners who have good
credit will likely be offered favorable rates and terms while homeowners with
less than perfect credit will not be offered favorable rates and terms.
However, the most significant feature of this website is the ability to acquire
up to four quotes from qualified lenders by filling out one simple form. The
information required is rather basic in nature and is information which most
homeowners have readily available. Once this information is submitted into the
system, the responses are received from up to four lenders almost instantly. The
information contained in these reports is customized for the homeowner according
to the information inputted into the system.
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