I find a lot of websites offering mortgage quotes online itself. What I mean is, not simply applying for quotes online but applying as well as getting the quotes online. Whether it is preferable or not, is quite controversial. Some say it's fast and easy, and you don't have to take out time to visit the lender's office or call up to discuss your financial situation and do some analysis before getting the loan. While others like me feel the best is to have a talk with the lender/broker. After all how do you explain why you were late on your payments or what your liabilities are if you aren't having a talk. It isn't possible to write down everything on a piece of paper and who has the time to read so much. None I guess!
Well, with due respect to the companies out there I don’t think getting quotes online are reliable enough with respect to your specific situation. What I mean is, the lenders are not able to get an overall idea about your situation, and analyze what to do if you’ve had any credit problems. Moreover, the industry has a wide variety of loans to offer and as such it’s not easy to select the right program for you simply by going through the little details you provide.
The lenders need to analyze your financial situation and creditworthiness, assess your ability to pay off loans and take into account your liabilities prior to approving your loan. But this is only possible if you attend a face-to-face meeting with the lender and discuss your loan options along with any credit repair steps to be taken. That’s the reason I feel, getting quotes online won’t do much for the borrower. It’s very generic and in most cases borrowers end up getting the best offers. And then later on when he applies and gets approved, he finds himself being offered something which he can’t afford.
Thus, one can opt for companies which gives the chance to apply online and wait till lenders/brokers review their basic information and contact them depending upon whether the latter are comfortable signing a deal with the former.
Just in case you’d like to take a quick look at the entire discussion on how reliable are online mortgage quotes, refer to http://www.mortgagefit.com/quote/online-reliable.html
[tags]online mortgage quote, online mortgage, mortgage quote[/tags]