A mortgage is a loan secured by real estate. A bank or similar financial institution (such as a credit union) grants money to a homebuyer and in return the company is given a guarantee that the funds will be paid back, along with interest, within the agreed upon time frame.
One of the most crucial factors to consider when applying for a mortgage loan is to check comparison websites so you can determine which lender offers the best rates and terms. Whether this is your first or third time to buy a house, you must practice due diligence, do your homework, and compare rates. In so doing, you could potentially save thousands of dollars on your mortgage.
To help you, here’s a list of the best comparison websites you should check out when shopping for a home mortgage loan:
Zillow is a leading real estate online marketplace and you can find plenty of useful information on their website. They also help make it easier for you to buy a home by providing you with customized mortgage quotes without requiring your personal information. All you need to do is to go to their mortgage rates page, enter some general info such as the loan purpose, your zip code, purchase price, down payment and your credit score. You will then be given the current mortgage rates and lenders, along with customer reviews which can really come in handy.
Another excellent comparison website is Bankrate. It shows you the latest mortgage rates along with other important data such as the average mortgage rates in your area. Simply enter your zip code, purchase price, and loan term, and you will immediately be shown a list of banks, their APR, interest rate, and estimated monthly payments.
HSH is the country’s largest publisher of consumer and mortgage loan information. They’ve been around for 3 decades and they provide independent, unbiased info that people who are looking for the best mortgage deals can benefit from. On their homepage, all you need to do is to select the type of loan, type of property, your state, and your credit rating. You will then be given a free, no obligation quote of reputable mortgage lenders.
This site gives you the most current and most accurate mortgage rates so you can compare the rates from several banks, lenders and credit unions. Just like the other sites we have mentioned, Interest.com is very easy to use and there’s no need to give out your personal information. The site also has other useful tools such as an online calculator and comparison for car loans, 401k and investments.
Buying a home is perhaps one of the biggest investments you will ever make and many people have realized too late that they are paying too much for their mortgage. Avoid this very common home-buying mistake by making sure you carefully compare and analyze the offers of mortgage lenders before signing your name on the dotted line.