Murrieta Real Estate Shopping for a Loan Back to Communities - Murrieta Homes

Murrieta Real Estate Loan Shopping:

Shopping for Loans

The Internet hosts numerous sites that offer loan and mortgage options. The choices range from small lenders to large, all-inclusive lenders that feature pre qualification and loan applications as well as various types of calculators and detailed comparison charts. Browsing through these sites is an excellent way to get a feel for available mortgage options before you actually begin the process for yourself. You can save money on your Murrieta real estate by shopping for a loan.

National mortgage lenders manage some mortgage sites and direct queries to their local offices. Other mortgage lenders are Web-based and work only by telephone and e-mail. Still others use a combination of the two methods. For example, E-Loan's Web site ( www.eloan.com ) supplies a form that you can fill out to get pre qualified and pre approved for a loan you can afford. Within minutes, you will be provided with a worksheet that specifies what you can qualify for as well as a breakdown of the proposed loan. Taking these steps can move you forward in your Murrieta real estate purchase.

Many of these sites also offer the option of initiating a loan application. If you are buying Murrieta real estate, and you decide to do this, within a few hours you will receive a list of lenders' offers and terms, or you may be instructed to contact the lender directly. Other organizations assign a loan officer to you and handle all the paperwork.

Naturally, the lender will want to see a current, accurate credit report. There may be a fee for this, but do not agree to pay any fees in advance other than for the credit report; some unscrupulous companies may try to charge a large commitment or loan guarantee fee up front. This often is called a predatory loan trap. Don't fall into this trap during the purchase of your Murrieta Home.

Comparing Loans on the Internet for your Murrieta Real Estate

When you are surfing the Internet to find Web sites that will help you learn about buying a Murrieta home and arranging financing, look for sites that permit you to compare the available options. Many Web sites include loan comparison charts that allow you to view the numbers side by side.

If you are using the Internet to do some preliminary research before actually starting the Murrieta real estate buying process, it is a good idea to compare mortgage terms, down payment requirements and interest rates. Look for extra information as well; for example, E-Loan's Web site lists interest rates you can get by paying up to three points; each point equals 1 percent of the loan amount. Also, look for lenders' good faith estimates, making a comparison can often point out the most advantageous deal.

Finding the Cheapest Loan

If you have decided to buy a Murrieta home using an Internet lender you will appreciate the time savings and convenience of using the Internet to search for various lenders. After talking with a few lenders from various Web site listings and reviewing the good faith estimates each lender sent, select the one you fell most comfortable with. The loan representative will send you the necessary forms, which you will fill out and returned with paycheck stubs, bank statements and other required documents. You will then pay the associated fees and wait for the lender's response. In less than a month, the lender should complete the loan deal and send it to a local title company for closing your Murrieta real estate loan.

The entire process will progress quickly and smoothly, and you will have saved approximately $1,500 in lender fees because you have excellent credit, good ratios and a 10 percent down payment.

Therefore, if you have good credit, good ratios and a good down payment, Web lenders can offer you a cheaper deal by simplifying the process and eliminating overhead on the purchase of your Murrieta real estate. On the other hand, if you have credit problems that require an individualized loan package or if you want to use an FHA/VA loan, you probably will see no savings by using the Internet. Instead, you would be smart to work with a local lender who has contacts and the necessary experience to get you a loan.

If you need any information on Murrieta Real Estate or Property please check our Murrieta Homes section on this website or contact us at any time.