Monday, March 31, 2008

Mortgage Loan Shopping: LendingTree, E-Loan or Quicken Loans

Mortgage Loan Shopping: LendingTree, E-Loan or Quicken Loans
by Keith S. Gill

The number of people running around to catch hold of the ideal mortgage has the best options online. It is said that over the next 5 years, ten to twenty percent of mortgages will mainly be Internet-based and eighty five percent of equity and refinanced mortgages will be done electronically.

This is due to the fact that the Internet ensures that the job of comparing loans is quick and easy. And added advantage is that loans taken online provide a twenty four-hour convenience, are processed sooner and are more economical.

Everything comes with a risk so does the mortgage; online mortgages are not without their dangers.

Rather than offering the loans directly itself, LendingTree gathers up financial and personal information from customers and then submits the acquired information to its member banks that then competes for your business.

E-loans are fast, convenient and simple. You are just required to fill out an application from your computer. You are normally approved or disapproved within a matter of few minutes. Firstly, it has to be kept in mind that the credit rate can affect the amount and interest rate of your loan. It is quite pivotal that you check your credit score before you start looking for a loan.

The hitch that comes into picture is the revealing of your personal information on-line, if the thought of entering so much personal data on- line worries you, then you can call and speak live with a LendingTree representative. They will take your information over the phone and then forward it electronically to the member banks and other lenders for evaluation.

Quicken loans come with a no down-payment scheme that makes it easier for the applicant to go ahead with applying for a loan that does not cause any problems for him in accordance to his finances. Online financial services at their best: fast, cheap, and convenient also includes shedding of unwanted paperwork.

But it has a disadvantage that of commonly experienced dishonesty, failure to update clients on potential changes and promises that only seems to be speculations. The applicant must go through various reviews of people who had opted for quicken loans as they would be able to give a better insight into the choice of mortgage loans to opt for.

Options are many, the choice from the alternatives depends solely on you as an applicant, as the wiser choice you make the better will you stand as mortgage loan applicant.

Keith Gill is an experienced and successful Real estate investor and professional mortgage banker. Keith has made himself and others rich by leveraging other peoples money in the real Estate Industry.

Keith is always looking to partner with some experienced Realtors or seasoned Real estate investors who want a track record of success and the highest level of profesisonalism and customer service.