What if you could get a 1% lower interest rate than most banks or lenders offers? Is that even possible. If it is possible, how much time will take to find it and validate it?
With homeownership being one of the most significant investments you’ll make in your lifetime, getting a 1% lower rate than most lenders and banks offers is equal to taking approximately 10% off the purchase price of a home.
Selecting the wrong mortgage loan can have a significant and detrimental effect on your net worth.
With the current market conditions of rising home prices and higher interest rates, it’s more important than ever to get the lowest rate and fee mortgage loan.
This is why, Getting the best mortgage starts with where you get an online mortgage pre approval.
Why traditional shopping for an online mortgage pre approval and loan fails consumers?
The traditional methods of obtaining a mortgage, such as calling a bank or lender, are outdated and is time consuming. Not to mention, you must have the knowledge to compare loan offers and closing costs.
The amount of time to contact each lender and provide them all the information is not reasonable. What if there is a better way to secure the lowest rates and fees on your next mortgage and mortgage pre-approval.
Given your home is most likely your largest asset and the mortgage your largest debt, it makes sense to utilize a simple, yet powerful mortgage app to identify the best loan in the market.
Welcome to the age of online mortgages and mortgage pre-approval marketplace. Its like shopping for an airline ticket online compared to calling up each airline, but better.
Better because the savings is insanely high compared to the savings on an airline ticket.
What is an online mortgage marketplace and how will it find the best loan?
An online mortgage pre-approval marketplace is a simplified online mortgage pre approval and loan closing platform that allows you to identify the best mortgage option from multiple lenders real loan offers.
With automation, these systems can typically return a 1% lower interest rate mortgage loan compared to most traditional lenders and banks.
This can result in a cost/savings difference of approximately 10% of the purchase price of your home – that’s a whopping $45,000 on a $450,000 home that you get for free compared to an “OK” rate loan!
A 1% lower interest rate may not seem like a lot, but over the life of a 30-year mortgage, it can save you tens of thousands of dollars in interest payments.
When you use an online mortgage pre-approval marketplace, you’re not only saving money, but you’re also making the mortgage process very simple and peaceful.
Should homebuyers use real estate agents preferred lenders for an online mortgage pre approvals?
Real estate agents most often recommend their preferred lenders. The problem is that these lenders do not always offer the best lending terms in the market.
Homebuyers who decide to search for the best terms on an online mortgage pre-approval on their own may quickly realize that it is like looking for a needle in a haystack.
There are many teaser-rate offers that most do not qualify for, and the time it takes to call each lender and sort through all the loan terms can be overwhelming.
How does an online mortgage marketplace solve loan shopping problems?
Equifund Mortgage’s online mortgage pre-approval marketplace to solve these problems by automating the underwriting guidelines for multiple national lenders and lenders in the marketplace.
Within a few minutes of time, you will identify the lowest rate and fee mortgage loan that you qualify for and see all rate information, closing costs, and loan terms.
As most homebuyers are weary of giving access to credit reports, these marketplaces do not require a credit pull. Their first objective is to give you the opportunity to see how low the best rate and fee loan is matched to your basic profile.
Once you see these loan offers, that typically return interest rates 1% lower than most all banks and lenders, our guess is you’ll be more than willing to initiate a final full loan pre-approval.
Do these online mortgage marketplaces complete the loan transaction?
These online mortgage pre-approval marketplaces are contracted multiple lender representatives that will originate, process, and close a loan request within 30 days or less with the lender that offers the lowest interest rate.
This not only saves you time but increases your purchasing power for free compared to an “ok” rate loan.
Just imagine, purchasing a $ 450,000 home for the cost of $ 400,000 because you captured the best mortgage loan in the market.
Is there that much of a financial cost difference between online mortgage pre approvals?
Yes. A 1% lower interest rate loan with similar closing cost is equal to about 10% the price of a home.
With the home being one of the largest investments and mortgage debts that a person holds, it’s critical to not only protect but improve your financial security by finding the best mortgage options available.
Why is an online mortgage marketplace so helpful for homebuyers?
First, they offer a non-bias mortgage lending platform that prices and closes loans with multiple lenders. In addition, these online marketplaces also offer the added convenience of being able to complete the process from the comfort of your own home.
You can compare loan options and initiate the pre-approval process all in one place, without ever having to leave your couch. Plus, with no credit pull required, you can shop around for the best mortgage options without worrying about your credit score taking a hit.
Conclusion for shopping for an online mortgage pre approval and loan
In today’s bias market, now more than ever, consumers must take control of important decisions that have long term effects on their wealth. This is even more true on real estate and mortgage finance given the long term affects it will impose.
Thanks to modern computing and innovative mortgage lending services, consumers now have the ability to isolate the best deals in a marketplace with ease.
Getting a mortgage pre approval online with a multi-lender mortgage marketplace change everything. An online mortgage pre-approval marketplace offers a convenient and cost-effective solution to traditional methods of obtaining a mortgage. With the ability to compare and find the best mortgage options.
Interesting Related Article: “Is This The Right Time To Buy A Home? Factors To Consider For Homebuyers“