Researching a mortgage online

I read a statistic the other day that nearly 75% of consumers research products and services online before making a purchase. That started 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 typically have less than perfect credit and usually don’t qualify for interest rates as low as conforming borrowers. 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 all types of loan programs out there. Many allow a borrower to make small monthly payments during the first part of their loan term but then you face 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 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 from a local company if you have specific questions regarding your situation.

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

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