When it comes to acquiring a mortgage there are many avenues to take. Do you go to your bank? Do you sit down with a broker? Do you surf the web for an online mortgage? What kind of deals are on the Internet and are they safe?
Online mortgages aren’t a new phenomenon, but that doesn’t mean they can be trusted. Before you explore the deepest caverns of the Internet for an online mortgage, here are some important factors that you should consider.
●Sometimes sitting down with a mortgage broker can get you the best deals. Brokers build relationships with different lenders in order to be able to offer you a mortgage package that suits your needs. An online mortgage lender may not be able to do that
●Can you trust someone you’ve never met to handle a financial transaction as big as a mortgage? Giving your credit card number to a big box store to order a television from their website is not the same as forking over the intimate details of your credit history to an online lender. When you meet with a mortgage broker in person, you can put a name to a face. Trust is everything when it comes to shopping for a mortgage. If you can’t see the person you’re doing business with, how can you trust them?
●If you must go with an online mortgage, look for a firm that has a name you’ve actually heard of. Johnny’s Mortgages may have a professional website but how do you know that it’s not just some guy sitting in his mom’s basement trying to get all your financial details? Try and find out as many specifics as possible about the online firm you are using before you give them any information. Big brands will usually spend a large chunk of their advertising budget to show you that they’re safe and have a good reputation in the lending community
●Customer service is key when it comes to mortgages. What if you wake up one day with a question about your mortgage? If you’re working with a broker you can call or email them and have your question answered promptly. If the online firm you’re working with does not have a free customer service centre that operates 24/7, how are you going to have your mind eased? Problems, queries, and issues come up with mortgages all the time. A broker can answer your questions on the spot but a firm that operates solely on the Internet without a customer service department cannot
●Look out for licenses. Would you let a stranger without a driver’s license chauffeur you around? Of course you wouldn’t! The same goes for mortgages. If the online company you are working with is not licensed, do not do business with them
While an online mortgage might seem like a fast and easy solution to secure funding, meeting one-on-one with a mortgage broker is a sound bet. To answer the original query, are online mortgages safe? The answer is, probably not.
Blogging is only one among my greatest passions. I particularly enjoy writing about finance, mortgage, and Canadian law, and have been doing so for 7 years. I constantly keep myself updated about the latest news and trends in finance, mortgage, and law, in order to ensure I produce quality pieces of content!
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