You don’t necessarily have to visit your banker or a mortgage loan lender just to obtain some home mortgage loan quotes. That’s the old traditional way. The smarter way is through online, which makes getting mortgage quotes a lot quicker and easier. The process can be completed within just 5 minutes at the convenience of your home.
Getting a mortgage loan quote from an online loan quote specialist can prove very beneficial to you for the following reasons:
1. you get quick reply from such online resources compared to your usual bank service providers – within 48 hours.
2. you get a call to help you expedite the loan process in the comfort of your home
3. as online consumers, you are able to obtain several loan quotes which allow you to make useful comparisons given by a few mortgage lenders.
4. you will conveniently get a pre-approved home loan mortgage quote even before having decided on a house. This is very helpful and tells you the amount of mortgage you are qualified for depending on your income as well as other credit and financial standings.
Mortgage loan is a very broad term that usually covers a good number of things including mortgage for purchasing a house, refinance mortgage, home equity loans, cash-out refinancing, etc. In all of these different types of loans, you home acts as collateral for the mortgage.
It is important to lean and understand mortgage better so that you are able to negotiate with the lender for better terms on your contract. Getting your home mortgage loan quotes is only a first step. Here are a few quick definitions of some of these terms relating to mortgages that you should get familiar with:
Interest Rates: The interest rate on your mortgage loan is calculated and decided by the lender which is influenced by a number of things including credit worthiness of the borrower, loan amount, collateral and amount of down payment. If you are someone with very good credit history, the lender may grant you a lower interest rate or even no down payment.
There are essentially two types of interest rates
Fixed interest rate: The interest rates would be fixed for the whole life of the home mortgage loan. Your monthly mortgage payments would then be fixed too.
Variable interest rate: The interest rate would not be fixed but varies on a monthly basis according to the market rate fluctuations.