Traditionally, taking out a new mortgage or trying to refinance (“refi”) an existing loan involved a trip to the bank. Fortunately, the rise of online mortgage lenders has made the process much simpler. There are now more products available, and more opportunities to find products you qualify for. Here are the top three ways using online lenders makes it easier to refinance your mortgage.
Online mortgage lenders and mortgage brokers use the latest web-based technology and security measures to streamline the application process. You provide your details, and it’s possible to get pre-qualification (or even approval) in just a few minutes. For example, Refi.com is a loan matching service capable of pre-qualifying customers with multiple partners in just 5 minutes.
Not only do you get feedback on your application almost instantly, you get to do it from the comfort of your own home. It’s possible to pour a cup of coffee, pull up a chair, and browse options at your own convenience.
A Wider Range of Options
Banks prefer to deal with the borrowers who present the lowest risk. These borrowers have large down payments and healthy credit reports. However, many smaller, online mortgage lenders are stepping up to cater to borrowers who need a little more help. The increase in the number of lenders means an increase in competition. Customers have more options and a better chance of finding lenders prepared to undercut their competitors by offering better terms.
Even customers with poor credit scores (FICO scores) have an increased chance of being eligible for certain products online. This is because online lenders don’t always use the same underwriting guidelines as big banks. While a credit score less than 700 used to be a problem, some lenders now go as low as 500.
The extensive range of ever-growing options might make searching for suitable online mortgage lenders seem daunting. Fortunately, there are services that help to make the whole process simple and efficient. Refi.com is a loan validation and matching service that does most of the hard work for you. Simply complete the online loan inquiry form to get the ball rolling. Refi.com is able to pre-qualify you with a wide range of lenders with no impact on your credit report. It’s a fast way to search the available mortgage and refinance products to find something that matches your financial circumstances. Visit theRefi website today to find out more.