More Online Purchasing Tips
There are many tips for mortgage purchasing that apply
no matter where you plan to get your loan. There are
also a lot of good tips for those who plan to purchase
a mortgage online. While some of these tips were provided
in a previous section, here are several more to help
you achieve total satisfaction from your online mortgage:
• If you can’t take advantage of the online
mortgage process, don’t complete an online application.
To fully understand this tip, you must understand how
the online mortgage process operates. Online brokers
use email to update you on the progress of your mortgage
and provide you with information on changes in interest
rates. Some have websites that allow you to track the
progress of your loan continuously, at any time. If
you do not have home internet access, or seldom ever
check your email, the advantages of the online process
will probably not help you.
• Don’t be tempted by the ease of online
applications. Rather than filling out applications just
because they are quick and easy, you should research
and choose the application you want. Besides being prudent
advice, this tip keeps you from undergoing multiple
credit checks. While there are now provisions that keep
these checks from doing as much harm to your credit
as was possible in the past, you still want to minimize
the number of checks done, especially those that are
• Get your rate locked in. This tip is universal,
whether you are getting your mortgage online or off.
A rate lock guarantees your rate and terms, in writing,
for a specific period of time.
• Consider security issues, but don’t go
overboard. There is always the possibility that someone
might attempt to steal your application information
submitted online. However, with proper encryption and
site security, it would probably be easier to physically
break into a mortgage broker’s office to get this
type of information.
• Be aware of come-ons and teasers. The same
underhanded practices used offline (bait-and-switch,
too-good-to-be-true rates, and negative conditions hidden
in fine print) unfortunately also exist online. Always
be careful, no matter what the setting.