Loan Options

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Home Buying Loan

When you apply for a home buying loan  in-person, you generally fill out forms with the broker. That means that they can guide you through the process and help explain any confusion you might have. Applying for a loan online, on the other hand, means that you might be filling out forms on your own. You’ll need to tread carefully and ensure that you look up anything that confuses you before submitting the forms.

 

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Securing Your Mortgage Online: Pros and Con

When you make the decision to purchase a home, the natural starting point is determining how much you can reasonably afford to spend and how you are going to go about spending it. Many buyers understand that they’ll need to invest in a home mortgage, but they aren’t quite sure where to begin. Luckily, today’s buyers have a wealth of options at their disposal. Getting your mortgage online, for example, can be a great decision – as long as you understand the advantages and disadvantages you’ll be facing.

How do you get a mortgage online?

Many buyers will be surprised that an online mortgage broker  is an option. In the past, home loans were generally the purview of banks and required many in-person meetings to secure. As with the rest of the business world, however, home financing has increasingly moved into the digital marketplace. Today, it’s entirely possible to secure a home loan online.

Is an online home buying loan  the right decision for you? That depends largely on what kind of experience you’re expecting and how comfortable you are conducting business online. There are a few distinct pros and cons to this approach to keep in mind as you begin the home buying process.

Pro: A Quick Decision

Working with an online mortgage broker on your home loan is generally a faster process than attempting to secure a home loan via more traditional means. If you are in a hurry to begin looking at homes or have other time constraints, securing your home loan online might very well be a good option. Ask the company in question how long they anticipate the process taking, but remember that you’re receiving an estimate, not a guarantee.

Con: Form Confusion

When you apply for a home buying loan  in-person, you generally fill out forms with the broker. That means that they can guide you through the process and help explain any confusion you might have. Applying for a loan online, on the other hand, means that you might be filling out forms on your own. You’ll need to tread carefully and ensure that you look up anything that confuses you before submitting the forms.

If you’re worried about making a mistake filling out online forms and potentially ruining your chance at a mortgage loan pre-approval, take note of the online broker’s support options. Write down any questions you have and reach out to the company. They should be able to guide you through the process even if you’re not meeting in person.

Pro: Lower Interest Rates

When applying for a home loan, be it for a first-time purchase or a home loan refinance , interest rates should be one area to which you pay close attention. Higher rates mean that you end up paying more in the long run. Online loans typically over lower interest rates than traditional brokers. If you’re worried about the overall cost of your loan and are hoping to find the most competitive rates possible, an online lender might be your best option.

Con: Hidden Fees

Some online lenders might have fees designed to drive up the costs involved with applying for a loan. This is true for both home loan refinance options as well as first-time loans. To avoid this, make sure that you read the fine print. Online lenders should have extension documentation detailing exactly what you’ll be paying and why you’re paying it – take note of that information. Don’t be afraid to ask questions, either. Reputable lenders will be happy to listen to your concerns and give you the information you need to make an informed and comfortable decision.

Pro: Lower Credit Score Needed

Some online lenders will have lower minimum credit scores required for approval than traditional brokers. If you’re concerned about your credit or have run into trouble in the past while applying for a mortgage loan pre-approval, online brokers might well be your best option. They’re usually willing to work with buyers to find the best loan options possible given their credit score, income, and debt. They’re more flexible than brick and mortar lenders can be, in other words, and can help people who might otherwise not be approved for a loan find a good fit and become homeowners.

Are you interested in a home buying loan? The truth is that both online lenders and traditional brokers have their pros and cons. If you’re comfortable doing business online and are willing to put some extra effort into your application, applying online can be a great option. This is especially true if you’re looking for great interest rates or have a less-than-ideal credit score. Pick an established and trusted mortgage broker like EZ Online Mortgage and you’ll be approved in no time.

Resource By : https://www.prlog.org/12773257-securing-your-mortgage-online-pros-and-cons.html

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Jumbo Home Loan

When the time comes to buy your dream house, don’t let anything stand in your way! At EZ Online Mortgage, we can help you find the right jumbo home loan for your needs. We’ll work with you closely to find an affordable option that will enable you to buy your perfect home.


The close-knit team at EZ Online Mortgage is willing to work hard for our clients. We treat them like family and do everything we can to make the home buying and homeowning processes easy ones for them. For more information about our services, reach out to us today!

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Take Control of Your Mortgage and Lower Your Payment

When they make the decision to purchase a home, most buyers are also accepting the likelihood that they’ll have a new long-term expense on their hands. A home mortgage is often the largest payment that homeowners make each month. Unfortunately, the amount due can sometimes prove to be a bit too much to handle. Changes in income, health, or life circumstances can make lowering your mortgage payment absolutely vital. There are options to help you take control of your mortgage and lower your payment.


Be Realistic About Your Mortgage Amount


For buyers who are hoping to get a lower mortgage payment before they purchase a home, there are a few things to keep in mind. First of all, it’s important to understand that being approved for mortgage amount doesn’t mean that you have to spend every cent. In fact, it’s a good idea to determine how much you’re comfortable paying before ever applying for a home loan.

 

 

Take some time and think about your income, your savings, and your current monthly expenses. If the worst were to happen and you found yourself out of work or facing an emergency that meant your income would be reduced, could you still afford to pay, or would you need to look into home loan refinance options? Consider everything you currently have in your savings account, too. How quickly would your bank account be drained depending on your mortgage amount? Make a decision about how much you’re comfortably willing to spend, and don’t go over that threshold.


Refinancing Your Home Loan


If you already have a mortgage, then the tips above won’t be much help, of course. That’s okay, however, because current homeowners have several options at their disposal. Home loan refinance solutions are one way to help with monthly loan payments that are too much to comfortably pay. With that said, there are several different refinance options available and many homeowners aren’t sure where to begin. Remember that the most important step behind every decision is research. With that in mind, here are some common options to consider.

FHA Refinance

If you have an FHA loan, you might be wondering if it’s possible to refinance for a lower mortgage payment. The answer is “yes”, it is. Or, at the very least, it might be. If you are current on your loan, haven’t missed or been late on any payments, and have had the loan for a minimum of seven months, you might be eligible to streamline a refinance of your FHA loan. This kind of refinance can be done very quickly and typically without the need to get an appraisal or provide income documentation. It’s a great option for homeowners looking for an option to lower their payments quickly.

Options for Homeowners with Little Equity

One of the more popular refinance options is the HARP refinance program. Standing for “Home Affordable Refinance Program”, HARP was developed and set in place by the Federal Housing Finance Agency. The goal of HARP is to enable homeowners who have little equity in their home refinance their mortgages for a more affordable payment. If you haven’t been able to put much money into your home but are current on your mortgage payments, this could be the option for you.

There are a few requirements homeowners must meet in order to qualify for HARP refinance. First of all, the home in question must be your primary residence, an investment property with one to four units, or a second home with one unit. You must not have any late payments of more than 30 days in the past six months. In addition, you must not have had any more than late payment of more than 30 days in the past twelve months. HARP only considers loans owned by Fannie Mae or Freddie Mac and your LTV (loan-to-value) ratio must be more than 80%.

Other Refinance Options

The two options explored above are not the only refinancing options available. In order to determine how much you can potentially save on your mortgage and how to go about doing so, speak with a mortgage consultant today. These specialists understand how to refinance loans to get homeowners the best deals possible and can help quite a bit. All you have to do is reach out to them and explain what you’re hoping to accomplish.

Note that the mortgage consultant you speak with doesn’t need to be the same one who worked with you on your current mortgage. In fact, it’s possible to get a better deal by shopping around a bit. You might consider looking for an experienced online consultant. Online mortgage brokers tend to offer better interest rates than other options and can usually move through the refinance process more quickly, too.

If you’re looking for a home loan refinance option, reach out to an established and trusted online mortgage broker like EZ Online Mortgage. Their specialists can help.
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Know Your Mortgage Loan Status

Buying a home is a tricky process. Not only does it take a vast expenditure of time to find the perfect home, but closing on your dream property can be a challenge. The real estate market these days is booming, and properties at good prices are being snapped up. That’s why knowing your mortgage loan status is vital to being able to purchase a home. If you’re like most people, you’re not going to be purchasing your house with cash upfront; instead, you’ll take out of a mortgage loan. But before you’re approved for a mortgage loan, how are you supposed to pick out your dream home?

Mortgage Loan Status

24/7 Secure Online Mortgage Loan Status.

Start Planning Ahead

The key to locking down your dream home is planning ahead. By carefully planning a budget and beginning mortgage preparations at least a year in advanced, you’ll be well poised when the time comes to start property shopping. First, analyze your finances and decide how much you can afford to spend on a house. This should be done before you talk to a real estate agent, or even start looking at properties. Create a number range and stick to it. Don’t spend more than your budget allows for. Tell your real estate agent that you don’t even wish to see properties that exceed your budget range. This will save you not only money, but heartbreak in the future when you realize the “dream” home you want is outside of your means. Instead, you’ll focus on only what you can happily afford. No need to cause yourself sadness by shopping for properties you won’t be able to close on!

You should also consider what type of mortgage loan will be best for you. There are many different types of mortgage plans, but the most common ones are a 30 years and 15 years fixed mortgage rate loan. These loans offer the benefit of a reliable payment plan with fixed interest rates. A 30 years fixed mortgage rate loan, considered a “vanilla” mortgage loan, is the most common type of loan. A 15 years fixed mortgage rate loan is ideal for those who want to pay off their mortgage faster. Other mortgage types include adjustable-rate mortgage loans, whose interest rates fluctuate with the market, jumbo loans, government-backed loans, and others.

For assistance in pre-mortgage planning, visit www.ezonlinemortgage.com. You can find valuable information about a variety of mortgage loans, to help you determine which is best for you. We also offer a range of FREE tools, including mortgage payment calculator California, to help you plan ahead for your mortgage. Print off our mortgage checklist, make us of our mortgage payment calculator California to estimate your monthly payments, and check up on your mortgage loan status at any time using our mortgage portal.

About EZ Online Mortgage

EZ Online Mortgage is an accredited mortgage brokerage firm known as one of the most reputable mortgage companies in California. With virtual offices all across the state and 24/7 service, we offer our customers unparalleled ease and flexibility when it comes to the mortgage process. Find and apply for a loan, all from the comfort of your home! Find out why we’ve praised statewide for our success in the mortgage industry. We guarantee top-of-the-line service and affordable rates. Interested in learning more? Call us today to book a FREE consultation with one of our mortgage loan consultants.