In recent years, technological innovations have given consumers access to the unbiased mortgage information that was previously only available to lenders and brokers. With this increased transparency, consumers now have the upper hand, as they are able to make more informed mortgage decisions that best fit their individual needs. Speaking to a lender is still a necessary part of the mortgage process, but these 4 tools are a good place to start, as they can help you verify any information given to you by a mortgage professional.
- Mortgage Calculators: With so many mortgage sources now available, consumers may find it difficult to sort everything out. That’s why mortgage calculators are becoming an increasingly useful tool. They have many advanced features and can help consumers answer questions, such as: what can I afford? Should I refinance my mortgage? Should I pay discount points for a lower interest rate? Mortgage calculators give consumers a good idea of what’s best for them and they can be used to verify any information given by the lender.
- Free Credit Profile: Your credit score is a very important factor in the mortgage process. Under The Fair Credit Reporting Act (FCRA), each of the nationwide reporting companies (Equifax, Experian, and TransUnion) is required to provide you with a free copy of your credit report, upon request, once every 12 months. Your annual credit report does not include your credit score, but it does show you all of the accounts that credit bureaus have on file. You can use the information to dispute any errors or unfamiliar accounts. To view your credit report online, go to com.
- 24 Hour Access to Lenders: Many lenders now allow you to apply online at any time of the day, so you are no longer confined to the typical 9 to 5 timeframe. Online applications allow you to start the mortgage process on your own time, making it incredibly easy to apply for a loan.
- Mobile Mortgage Applications: Some lenders have taken the virtual lending process a step further by allowing you to apply directly from your tablet or mobile phone. Many lender’s sites, including Eustis’, are mobile friendly, allowing you to apply for a mortgage wherever you are!
If you are interested in applying for a loan, or want to learn more about the mortgage process in general, contact one of our loan officers today or apply online!
