The Internet is a fantastic tool for refinancing your home loan. Using the Internet you can quickly compare mortgage offers from dozens of lenders and brokers. There are potential pitfalls when using the Internet, mainly because you are providing personal information that could wind up in the wrong hands. Despite the risk, using the Internet to refinance your mortgage will help you save thousands of dollars. Here are suggestions to help keep you safe online when refinancing your mortgage loan.
Researching Mortgage Lenders Online is a Snap
Using online search you can quickly locate dozens of online mortgage companies and brokers. You should never use a bank, online or otherwise, to secure a mortgage because of loopholes in disclosure laws that allow banks and broker-banks to exploit their customers. Mortgage rule number one: never take out a mortgage from your bank.
Compare Multiple Quotes from One Site
There are a number of mortgage portals available that allow you to easily compare offers from a variety of mortgage lenders without obligation or accessing your credit. When you start comparing loan offers you should contact the lenders directly and request a copy of the good faith estimate in order to compare all aspects of the loans. Many homeowners make the mistake of only comparing interest rates and end up overpaying for all of the other fees associated with their loans.
Watch Out for Unsolicited Mortgage Offers
There are a number of privacy concerns you should be aware of when using the Internet. Never give your Social Security number out online or otherwise unless you are absolutely certain who you are giving it to and why they are requesting it. Identity theft is becoming a global epidemic; never respond to unsolicited email you receive promising fantastic interest rates. A rule of thumb to keep you safe on the Internet is to never respond to refinancing information you did not request or contact you did not initiate. You can find more mortgage refinance information, including common mistakes to avoid by registering for our free mortgage guidebook: “Five Things You Need to Know before Refinancing Your Mortgage.”
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
