Online Mortgage Applications, What Happens After You Hit Submit?
- Date: 2007-07-25 - Word Count: 434
Share This!
In concept, getting a mortgage quote from 4 or 5 different mortgage companies is a wise decision to finding the lowest mortgage rate you qualify for. Mortgage companies and brokers alike can claim that they have hundreds of lenders and thousands of programs, and I am sure they do, but I have yet to see the one mortgage broker who has that magical lender that can get you a better mortgage then every other mortgage broker out there. The bottom line is, they all have access to the same lenders and same programs, it is just that some mortgage brokers know their programs better then others.
The problem today with submitting your information to an online mortgage lead company is that the demand for your information is at an all time high, and the supply is very low. In order for these companies to stay in business they need to be price competitive with other online mortgage lead companies. The way that they do this is by selling your information to numerous mortgage companies. Just recently I spoke to an individual who received over 40 phone calls from the one application he filled out online.
Sometimes it is not the online mortgage lead companies fault that your information gets oversold. There are other online mortgage lead companies that buy your information from the original lead company where you filled out the application and then they turn around and sell them to their clientele base. After all, your information is not cheap and some mortgage companies will pay in excess of $35 for it.
The good news is, you can avoid these headaches by doing some research on your end. Over the years mortgage brokers have realized that the internet is a powerful tool that can generate mortgage applications. It is now easier to locate your local mortgage companies and fill out an application directly with them. It is very unlikely that your local mortgage company is going to sell your information to their competitors, as they are in the business of closing loans.
This is where the research on your end comes in. Using your favorite search engine, type in your city, state or even zip code followed by the word mortgage. This will generate a number of pages full of local mortgage companies that would be more then happy to compete for your business. When visiting these websites, look for quality content and educational information. There are plenty of dull sites out there that only talk about themselves and the hundreds of lenders and thousand of loan programs with the lowest mortgage rates anywhere in the galaxy.
The problem today with submitting your information to an online mortgage lead company is that the demand for your information is at an all time high, and the supply is very low. In order for these companies to stay in business they need to be price competitive with other online mortgage lead companies. The way that they do this is by selling your information to numerous mortgage companies. Just recently I spoke to an individual who received over 40 phone calls from the one application he filled out online.
Sometimes it is not the online mortgage lead companies fault that your information gets oversold. There are other online mortgage lead companies that buy your information from the original lead company where you filled out the application and then they turn around and sell them to their clientele base. After all, your information is not cheap and some mortgage companies will pay in excess of $35 for it.
The good news is, you can avoid these headaches by doing some research on your end. Over the years mortgage brokers have realized that the internet is a powerful tool that can generate mortgage applications. It is now easier to locate your local mortgage companies and fill out an application directly with them. It is very unlikely that your local mortgage company is going to sell your information to their competitors, as they are in the business of closing loans.
This is where the research on your end comes in. Using your favorite search engine, type in your city, state or even zip code followed by the word mortgage. This will generate a number of pages full of local mortgage companies that would be more then happy to compete for your business. When visiting these websites, look for quality content and educational information. There are plenty of dull sites out there that only talk about themselves and the hundreds of lenders and thousand of loan programs with the lowest mortgage rates anywhere in the galaxy.
Related Tags: mortgage, refinance, home loan, adjustable rate mortgage, fixed rate mortgage, home mortgage loan, subprime mortgage
My name is Jeremy Redlinger and I have been in the mortgage industry since the age of 22. My philosophy is to cater to the needs of homeowners by education. If you enjoyed this article, you can find many more like it on just about any topic when it comes to financing a home on my website entitled Your Mortgage Matters. Your Article Search Directory : Find in Articles
Recent articles in this category:
- Understand The Fha Guidelines Before Considering Fha Mortgage
The U.S. economy was hit hard by the global financial meltdown. In the housing sector, the crisis is - Basic Facts About Multifamily Apartment Construction Loans
When you make an investment, you surely think of getting something out of it to make the deal profit - Commercial Mortgage Refinance Loan - Ideal Solution For Financial Problems
Financial security is something which we have to plan from before. In life, there is no certainty wh - Free Government Grant Money Eligibility Requirements
All of us hear about free government grant money. But what is involved in obtaining this money? What - Top 10 Tips On Buy To Let Mortgages And Property Hunting
If you are looking for an opportunity to invest your savings or any money you have come into, there - A Few Tips On How To Stop Foreclosure
In case you are facing certain financial catastrophe caused by a loss or relocation of a job, or wha - How To Stop Foreclosure And Lose Your Residence To The Bank
In today's market, there are more and more citizens that get big loans then they use their home as a - Most Excellent Way To Stop Foreclosure - The #1 Blueprint For Saving Your Home
Just what is the best measure to stop foreclosure? No doubt you are browsing for an answer to that q - Act Fast To Stop Foreclosure
If you would like to find out how you can put a stop to foreclosure, there is not much to accomplish - Tips For Buying A Home With No Money
There is a popular belief that you can only buy a home if you have great credit. This is false becau
Most viewed articles in this category:
- Mortgage Refinancing - Rate Caps Protect You When Refinancing With an Adjustable Rate Mortgage
Adjustable Rate Mortgages can save you money when mortgage refinancing if you fully understand how t - 100% Mortgage Loans: What You Need to Know
Coming up with a 20% down payment can be a difficult task for many potential homebuyers. If you are - Home Equity Loan Pitfalls
The home equity loan came of age in 1996 when changes in the tax law eliminated deductions for the i - Mortgage Refinancing: How the Fannie Mae Weekly Yield can Help You Comparison Shop
Mortgage refinancing without knowing Fannie Mae's weekly yield is like buying a used car without kno - How to Pay Off Your Mortgage in 7 Years, Without Extra Payments
One of the most exciting new topics concerning wealth is “How to Pay Off Your Mortgage in - Mortgage Rate Comparison
Trying to get an "apples to apples" mortgage rate comparison can often be quite a hassle. Traditiona - Should I Pay Off My Mortgage Early?
Many people think that real estate debt is good debt. They think that their mortgage is their bigges - Mortgage Refinancing: Beware the Mortgage Vultures
If you are in the process of mortgage refinancing you need to be wary of overpaying for your loan. - Mortage Loans - How Much Does It Actually Cost In The End
Mortgage loans are the loans used to finance most people's first home. It is the big loan that ever - Where To Locate Home Improvement Loan Companies
Where to locate home improvement companies is a question that arises from many different people. Som