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Before you apply for a mortgage online, check the reputation of the lender. If you are unable to find out much about the lender, you may want to consider applying with a company that you know is well-established in the mortgage industry. You should also check the interest rates that are currently being offered by mortgage institutions in your area. If you can find a lower rate online from a lender you are familiar with, gather the information you need in order to begin the application process.
What You Will Need
Here is what you may need to apply for a mortgage online:
- Personal information
- Employment information
- All creditor payments and balances
Step 1 - Prepare Your Information
If you are buying a new home, have the purchase information ready. If you are refinancing an existing loan, make sure you have all of the particulars about the loan including the lender address and contact information, and current mortgage balance.
Have your employment hire date and salary information ready. Make a list of all the creditors you owe, and compile the monthly payment and balances.
Step 2 - Check Multiple Lenders
Before you apply for the loan, visit several different mortgage lending websites and go over the interest rates they offer. Narrow down your selection to two or three lenders.
Go over the closing costs associated with the mortgage loan. Each lender will have different loan origination fees, appraisal fees and attorney fees. Decide on the best two lenders, and find the application instructions for each.
Step 3 - Apply for the Mortgage Loan
You should apply with two lenders so that you can negotiate the loan terms if you receive approvals from both. Complete the loan application with the lender that is your first choice, and scan and upload the supporting documents needed to complete your application package. Repeat the process with the second lender. Be sure to find out the turnaround time for a loan decision from both lenders.
Step 4 - Compare the Offers You Get
If you are approved by both lenders, review the loan offers and decide which one is the best for your needs. Once you have made your decision, contact the lender you have chosen and try to get a better offer. Ask them to reduce both the rate and fees of your loan.
Step 5 - Close on the Loan
After you have settled on the loan terms, find out how the lender is going to handle the closing process. A loan closing specialist can be dispatched to your home with the documents, so you will have to set up a time to meet.
At the closing, review the paperwork and make sure the loan terms are what you agreed to when you accepted the approval. Discuss any concerns you have with the loan closer, and finalize the loan if everything is in order.
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