5 Websites to Shop for Mortgages

There is no doubt that buying a home is one of the most memorable events in a person’s life. For most of us it is the culmination of years of planning, saving and perhaps even dreaming about it. However, on the other side of the spectrum, there is no doubt that buying a home is simply out of reach for most people in this country. This is because they cannot be expected to have funds for financing the entire project cost. Hence, they have no other option but to look for the right avenues that may help them to realize their dreams. Our effort in this article is to have a brief look at 5 WEBSITES TO SHOP FOR MORTGAGES. These five sites, we hope will help many prospective home buyers to turn their dreams into reality. However, before writing a few lines about each of the above 5 websites, we also will share a few things that perhaps could help in getting the best deal as far as home loans or home mortgages are concerned.

ENSURE THAT YOUR CREDIT SCORE IS GOOD

Always keep in mind that your three-digit credit score could make or break your dream of buying a new home or apartment. A good credit score means immediate sanction of the mortgage loan. Further, you also will be able to get the best possible rates from the lenders. Credit score is one of the most important factors for determining risks as far as borrowers are concerned. This is an important benchmark used by lenders to determine the capacity of the lender to repay the loan. Obviously, if you have a higher credit score, you stand a better chance of a lower interest rate, higher loan amount and more convenient repayment option.

SHOW A RECORD OF STEADY EMPLOYMENT OR INCOME GENERATION

Your job, business or the self-employment activity that you are into are extremely important for the lenders who you may approach for your home loan. Make sure that you are able to build a steady and reliable job, employment, self-employment or business record. In other words, make sure that the lender is able to have a look at your income earning capacities not only now but over the past few months or even years. This will increase the confidence levels of the lenders quite significantly.

SAVE ENOUGH FOR DOWN PAYMENT

This is an area where many of us fail the test. Most lenders will not be ready to fund for the entire cost of the home, apartment or other types of construction. They would want you as a borrower to pitch in with reasonable down payments. You also will stand to gain more if you are able to give more money upfront as down payment. Look for avenues to come up with a 20% down payment. This will mean you will have to borrow less as far as the bulk of the mortgage loan is concerned. If you are not ready to bring on the table around 20% as margin money, you may have to pay more by way of private mortgage insurance. However, in case you are not able to manage 20% down payment, you have no reasons to worry too much. There are many lenders who are ready to offer even 3% down payment options for eligible customers.

GO FOR FIXED MORTGAGE FOR AROUND 15 YEARS

While banks and financial institutions may be ready to offer you a 30 year fixed mortgage, try to bring down the repayment period to 15 years. You will certainly save big money if you are able to retire your mortgage loan sooner. However, make sure that you are able to manage your cash flow properly when going for a 15 year fixed mortgage.

A LOOK AT TOP 5 WEBSITES

The above may have helped the readers to have a reasonably good idea about the main points to consider when looking for home mortgage loans. Let us have a look at the 5 top websites that may help you strike the best mortgage deal.

1. ROCKET MORTGAGE

This is a site from Quicken Loans that offers many options for those who are looking for a fast and convenient approach to home mortgage loans. They have customer friendly smartphones and also offer impressive customer convenience using the best of online tools and features. Many customers and borrowers believe that they are capable of offering the best digital home loan borrowing experience. They also have reasonably low down payments.

2. NEW AMERICAN FUNDING

If you are looking for lenders who have flexible down payment schemes and other such facilities, it may perhaps make sense to know more about New American Funding. It is also a good place to be in for borrowers who would like to be evaluated taking into account non-traditional credit. They normally entertain customers and prospective borrowers who come with a minimum credit score of 620.

3. REALI LOANS

Reali Loans could be the website to be for all those who are looking for the best of digital and online experience when it comes to applying for a mortgage loan and choosing the right lenders. The entire process of applying, sanction and disbursement of mortgage loans is done online. They are also known to offer highly customized and customer-specific rates and loans. However, they are not available in all states and they do not offer government loans. They also refrain from offering home equity loans.

4. CHASE

If you are a borrower who would like to be associated with a well-known and branded lender, you have many reasons to go in for Chase. They insist on a minimum credit score of 620. They are quite widely present and cover 50% of states in the country. They are also known to charge lower processing fees and other charges when compared to many other lenders. They permit electronic submission of loan documents and have a wide variety of mortgage loan types to offer. They are not into home development loans and filling up the loan application is cumbersome and requires the help of a home loan advisor.

5. BANK OF AMERICA

Bank of America needs no introduction. They are also considered to be one of the better options for all those who are looking for mortgage loans as first time customers. They have some of the most attractive low-down-payment options and for existing customers, they may offer better rates and other such discounts. However, on the downside, they do not offer home renovation loans.

FINAL WORD

We hope the above article would have been helpful in giving our customers, readers and other stakeholders the right kind of information and inputs that could help them to plan for that dream house. The above five are just a few of the websites and if you do your research, you will be able to come across quite a few others.