Researching a Mortgage Online

I read a statistic the other day that nearly 75 percent of consumers research products and services online before making a purchase. That got me thinking about researching mortgages online.

It’s a great way to “shop smart,” but I recommend you keep a couple things in mind as you go cyber sleuthing for a loan.

1. Know your credit score. Your credit score and credit history will determine if you qualify as a conforming borrower or sub-prime borrower. Sub-prime borrowers’ credit is typically lower than that of conforming borrowers, meaning they usually don’t qualify for interest rates as low as their counterparts with better credit scores. Most of the rate quotes you will find online are for conforming borrowers.

2. If a deal sounds too good to be true, it probably is. The old saying holds true for the mortgage industry. The industry has changed over the past 20 years, and there are several types of loan programs available. Many allow a borrower to make small monthly payments during the first part of his/her loan term but then he/she faces escalating payments as time goes on.

3. Interest rates change daily. If you conduct your research over a period of weeks or months you’ll notice that rates will change. Mortgage interest rates are closely tied to changes in the yield on the 10-Year Treasury Bond, which changes daily based on market news.

Online research will help you become a more-informed buyer regardless of the product. The key is to understand the options available to you. It’s always a good idea to speak with a loan officer if you have specific questions regarding your situation. Luckily, we have plenty of loan officers who would be happy to assist you, so give us a call (865-909-0211).

Keystone Mortgage provides Tennesseans with the best mortgage experience, period. So what are you waiting for? Apply here now.

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