Online Lenders with the Lowest Rates
Finding online lenders with the lowest rates may seem like a daunting task but it really is not. The simple fact that you are online makes finding and comparing rates easy. We will lay out a fast and simple way for you to compare online lenders with the lowest rates.
Online Lenders with Lowest Rates: Step 1
The first step is to do searches on Google, Yahoo and/or Bing to find potential lenders. You will want to find lenders in your state so consider searches like: Florida mortgage lender; Texas mortgage, etc. You do not want to go through an entire application process just to discover that the lender does not provide mortgages where you live.
Start putting together a list of potential lenders. You can add to this list any direct lenders you are familiar with.
Online Lenders with Lowest Rates: Step 2
The next step in the process is to review each of the websites and see what types of loans they offer. Do they offer the type of loan you are looking for (adjustable rate, 30 year fixed, 40 year fixed, 20 year fixed, etc). You can eliminate from your list any of the lenders that do not offer the type of loan you are looking for.
Online Lenders with the Lowest Rates: Step 3
After you have your short list of potential lenders it is time to compare rates. The first thing you want to do is to make sure the rate you see in large numbers on the site is actually a rate that would apply to you.
Some lenders will promote the introductory rate on an adjustable rate mortgage. This is fine if you are interested in an adjustable rate mortgage. Some lenders will post interest rates on unique loan packages that do not apply to you so read the fine print carefully.
Since all lenders will undoubtedly post the best possible rates (pristine credit, etc) you are in actuality comparing apples to apples even if you do not fit the criteria they are seeking.
If you have bad credit, however, you should look on the lender’s site to confirm that they offer mortgages to people with bad credit or no credit.
The bottom line is you can easily compare rate quotes from lenders. If they offer you a pre-qualification opportunity you should take it. This will let you know how realistic it is for you to get approved and at what interest rate.
Follow these steps and you can find the online lenders with the lowest rates.
This article is intended for general information. Always seek sound financial and legal advice before making any financial decision.