Internet has changed the ways of our life for good. Be it the way of paying bills or shopping for a good coffee maker. Now the convenience of internet helps us make informed decision on a major financial decision – finding and applying for a home mortgage. With a flurry of online lenders offering mortgages, you may wonder just how to choose a good home mortgage online. The process is simpler than you think. You have the convenience of shopping around for loans from the comforts of your home. Many flexible, readily available loan options just did not exist just six or seven years ago. You can find most, if not all, of them online.
Behind the scenes, everything is just the same – checking your credit history, analyzing your repaying capacity and the lender taking decision whether or not to release money – albeit a little faster. The first step you can take is to get your credit score from Equifax, TransUnion and Experion. Then compare the numerous companies offering home mortgage and identify what interest rate you would pay. An important point here – don’t just let all of the companies check your credit score, because with each credit check by the financial company, your credit score drops a bit, which can cost you dearly if a dozen of lenders request your credit information.
The Annual Percentage Rate (APR) is the first thing you compare. Ask quotes from companies that doesn’t require checking your credit score to provide the information. Prepayment penalty, though considered negligible, can become a costly affair if your financial situations change in such a way to repay the loan in full before the term or you repay the loan with a refinance option. Drop the companies that require you to pay prepayment penalties.
Choosing a fixed rate mortgage rate can protect you from the fluctuations of the market. Variable or floating rate may, in the future drive up monthly installments to unaffordable levels. Balloon mortgage is for a short term of five to seven years, where you pay low monthly amounts, as if you are paying a 30-year mortgage. However at the end of five or seven years, you have to repay the balance in full – by refinancing or by selling your home.
Copyright © 2006 Joel Teo. All rights reserved.
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