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 | San Diego downtown real estate brokerBob Schwartz, CRS, GRI Certified Residential Specialist
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Copyright © 2006 by Bob Schwartz Certified Residential Specialist All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement. | Checking Mortgage Rates Online Homeowners who are planning to re-finance their home might find the Internet to be a really valuable resource. The Internet is beneficial because it can give the homeowner a wealth of information as well as the capability to compare various rates from separate lenders at their convenience. While these choices have made re-financing a more convenient process there is more potential for danger. However, homeowners who employ a small amount of common sense in utilizing the Internet for re-financing often realize they are not at any excess risk. Comparison Shop at Your Convenience One of the most popular advantages to researching re-financing online is the ability to comparison shop at the homeowner’s convenience. This is essential because many homeowners work long hours and often realize they are not able to meet with lenders during normal business hours because of job restraints. The Internet, however, is open 24 hours a day and enables homeowners to explore their options, make important calculations or receive online quotes at any time of the day through the use of automated systems. Homeowners can also take their time comparing the quotes they receive from these lenders online instead of feeling pressured to provide an immediate response. While homeowners may have some additional time available to them, these same homeowners should realize they do need to act relatively quickly to lock in estimates they get as interest rates are often time sensitive in nature and cannot be guaranteed for long periods of time. Use Only Reliable Resources Homeowners who are using the Internet to explore re-financing options and get quotes should carefully weigh their sources when making essential decisions regarding the niche of re-financing. Homeowners who stick with well known lenders and established websites will not likely encounter problems but those who pick a new lender may be surprised by the results of the re-financing attempt. Homeowners who are uncertain about the dependability of a particular resource or lender should do extra research on the company. One of the simplest ways to do this is to consult the Better Business Bureau (BBB). The BBB may be able to offer the homeowner with sensible information regarding the number of previous complaints against the company. A company who has a large number of unresolved complaints should be considered an unreliable company. However, homeowners should not presume number of complaints are reputable unless the company has been in existence for a variety of years and is a member of the BBB. Homeowners should also take care not to be tricked by elaborative web design. A website which appears very professional is not necessarily a website which is accurate and informative. Many able website designers can produce websites which are both attractive and professional seeming. These website designers can also optimize a website for specific mortgage related keywords so users find the page easily when looking for these terms but this does not necessarily make the website designer knowledgeable about the niche of re-financing. Confirm Loan Terms in Person before Committing While shopping for re-financing options online is obviously easy and convenient, homeowners should think about completing the application procedure either in person or over the phone instead of depending on an automated system. While the Internet is satisfactory for research purposes, homeowners can take advantage of face to face meetings or telephone conferences to ask all of their pertinent questions. Asking all of these questions will help the homeowner to ensure he can fully understand the loan terms as well as all of his available choices. Completing the re-financing procedure in person or over the phone can also stop the homeowner from being surprised by any parts of the mortgage re-finance. This may include excess fees which are tacked on during the processing of the application, rates which are only available in particular situations or other aspects of the re-financing agreement which could significantly impact the homeowner’s decision making process.
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