Mortgage Information sites
With all the fuss about websites set up to actually
gather information and offer actually home loans to
the consumer, sites that specialize in providing information
on mortgages and the loan process often get overlooked.
Also known as “no-loan” sites, these mortgage
information websites are a great place to find out about
almost any area of the mortgage business about which
you have questions.
Many of these sites offer constantly updated content
about market forces that have the potential to influence
rates or other costs. Usually updated at least daily,
these sites provide current information and analysis
of mortgage rates, indexes, and market events. You might
want to check one of these sites out for information
on the latest rates for refinances, mortgages, or home
equity loans in your specific region.
In addition to current events, many sites also offer
mortgage libraries with varying levels of comprehensive
coverage. Consumers can turn to these libraries to learn
more about specific mortgage programs or the plain meaning
of mortgage terminology.
Many sites also provide information on how to better
understand lenders’ underwriting procedures and
find out more about the loan qualification process.
Many of these sites also offer a variety of mortgage
calculators, an easy way to compare numbers on mortgages
that might otherwise involve complex calculations. Information
about credit – how it can affect your ability
to get a loan and how you can find out about your credit
– is also usually included.
No-loan sites may also serve the purpose of referring
the consumer to specific lenders or lending sites through
ads or links embedded in the sites content. The referrals
are of limited use, unless you can compile enough of
them to meaningfully compare loan costs.
A final, and often overlooked, category of no-loan
sites are those provided by the federal government or
quasi-governmental entities. Web sites for Fannie Mae,
Freddie Mac, and the Department of Housing and Urban
Development can provide very useful information for
many mortgage consumers.