Choosing a home loan is traditionally an important and complex decision to make. Countless companies and trained advisors are available to help you make the right choice, so is it a good idea to skip these stages and get a home loan online?
The process of a home loan application is arguable simple in the opinion of many companies providing the service and can take under 20 minutes. To apply online you will need information about your chosen property including current mortgage details and insurance information. You will need to submit the current creditor names, social security numbers and account balances. Also needed are current residential and employment information and the information of any co-applicant.
This information is seemingly straight-forward to fill out online and would assumedly accurately calculate your loan in the same way an office-based business would as they ask for the same information during the application stage.
It would seem that taking your application to a loan advisor or bank would allow you access to more flexible advice and variations but online application sties argue that you can contact a trained customer service representative at any time throughout the process. The initial summary that seems sensible to come to is to do a lot of research and get advice from elsewhere before applying for a home loan online but there are more factors to consider before deciding if this is correct.
There is some speculation and concern about the option of applying for a home loan online. As with any Internet activity, you never really know who you are talking to and what is or isn't a scam. In a respectable well-known bank or business you are safe in the knowledge that everything is above board and legitimate. However there have been some horror stories of phony loan companies not giving you the money you are asking to borrow but instead using your personal information for fraud or to sell on to other companies for marketing purposes. Therefore it would seem important to really research which companies are legitimate before giving out your personal information.
One easy way to sift through the sea of potential scams is to make sure the website/company you use has a business license. You can use the 'contact us' icon on their website to call and ask if they have a license to lend money. This will hopefully save you from floods of promotional emails from other companies selling on your details and also from any nasty scams or identity theft. It is also wise to use a company that has a physical office-based branch also. It is arguably more convenient and less intimidating to apply online so perhaps this is a good option for someone pressed for time.
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