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Advantages Of An Online Mortgage Lender
By EchoBay Loans Staff Writer

In the past, when it came time to buy a home, consumers would go running straight to their local bank. But with the introduction of the Internet, you are no longer limited to just the mortgage lenders in your hometown. Online lending is a business that has grown by leaps and bounds since the inception of the Internet.

Some may be skeptical about using an online mortgage lender for what for many people is the largest financial transaction they will ever make. But as you will see, there are several advantages to using an online mortgage lender. This convenience has many going no further than the comfort of their own living room to secure their next mortgage. We'll discuss each of these advantages in detail below.

Variety of Lenders and Options
The number of lenders you choose to seek out is no longer limited to the number of banks in your hometown. A quick search on Yahoo for online mortgage lenders yielded just over 1,650,000 websites. Not bad for 10 seconds of my time.

Having access to a variety of lenders and home financing options can put you in the driver's seat when it comes to owning your own home. You can easily and quickly scan featured rates, terms and conditions of different loan programs. The more informed you are about the rates of the lender and its competitors, the more of an advantage you have when it comes to negotiating the best deal to fit your needs.

Speed of Approval
With an online lender, a short application requesting basic information such as employment history, salary, estimate of net worth and information about the property you are interested in is all that is needed to start the approval process. Many times, you can receive a preliminary approval in a matter of minutes as opposed to days with your local lender.

Time Savings
With an online mortgage lender, there is no appointment to set. Typically with your local bank, you will have to call your lender, set up an appointment and take time off from work…and that's just to fill out the application! With an online mortgage lender, you can fill out the application when it is convenient for you. Whether it's late at night or before you go to work in the morning. There are not too many mortgage brokers that will meet with you at 2a.m. to go over your application.

Rather than driving from lender to lender wasting precious time in traffic, it only takes a click of your mouse to jump from one lender to the next on the web. Many online mortgage lenders have their rates posted on their homepage, which makes surfing for your next mortgage quick and easy.

Communication Trail Through Email
When you are dealing with an online mortgage lender, the majority of your communication is via email. This means that at any time, you can look back to see exactly what the lender said rather than trying to remember from an in-person meeting or telephone conversation with your local lender. Documentation is important especially when discussing fees and rates. There will be no confusion with your online lender as it will be laid out in black and white over email.

Comfort of Home
Perhaps one of the most convenient advantages of using an online mortgage lender is the ability to do so from the comfort of your own home. There is no need to put on a suit and tie and go down to the local bank. Thanks to the Internet, you can now shop for a home mortgage from your living room in your pajamas. You can take your time in researching your options knowing the information is available twenty-four hours a day.

The advantages of using an online mortgage lender are many. Be sure to search out several websites and read the fine print, as you should do in any transaction. For an added safety measure, you can always check with the Better Business Bureau about any lender who you are considering. So, grab a cup of coffee and get comfortable, your next mortgage is only a click away!


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