Frequently Asked Questions about Home Mortgage Loans Online

Here are the most frequently asked questions about home mortgage loans online.

What are home mortgage loans online?

Home mortgage loans online are a faster, more convenient, and more affordable way to finance the purchase of your new home. With home mortgage loans online, you can receive a minimum of four free quotes from lenders across the country all on one site. We offer a variety of home mortgage loans online, including fixed-rate and adjustable-rate loans.

How do I apply for home mortgage loans online?

Just click "start now" wherever you see it on our site to fill out our free application for home mortgage loans online. Our application is very brief and will ask you only for some basic information. Once we receive your application, we will supply you instantly with a minimum of four quotes on home mortgage loans online. You see our quotes side-by-side in a format that makes it easy for you to do your comparison shopping. All you have to do is compare the quotes to decide which is right for you. We even give you the option to save your quotes to return to later.

Do I have to have good credit to apply for home mortgage loans online?

In general, the better your credit score, the better your rates will be on home mortgage loans online. However, we partner with a diverse group of lenders, many of whom are willing to work with consumers with credit challenges. Some of our lenders offer subprime mortgages, or mortgages for those with a credit score below 620. If you have poor credit, you might also consider waiting to apply for home mortgage loans online. That way, you can take some time to improve your credit to get better interest rates and terms on your loan down the road.

What kind of a down payment should I make?

Ideally, you want to make a down payment of around 20%. A down payment of this size can do several things for you. First, it will lower your monthly payments and interest rates. Secondly, it will allow you to build equity in your home faster. Finally, a 20% down payment will prevent you from having to buy Private Mortgage Insurance (PMI), which is another expense that lenders tack onto your monthly mortgage payment if you make less than a 20% down payment.

Who will actually issue my loan?

We partner with a vast network of certified local, regional, and national lenders. The lender who actually issues your loan will depend on your location, needs, credit score, and preferences. You will have your choice from a minimum of four different lenders once you submit your application. Examine what to ask your mortgage lender on the next page.