According to California based mortgage consultants, residents of the state need to keep a close eye when trying to use the internet to do the heavy lifting for them.
A spokes person for Home Loan 2Day, said, “Sometimes, these Internet services might work fairly well for certain people, but the one-size-fits-all approach they offer is going to leave a lot of people with loans that aren’t the best for them, or even worse, they may be shut out of the process altogether.”
“The problem with these services is that they never really get to know anything about your financial situation other than your credit history and income level so basically what winds up happening is that you’re reduced to a number to them. And if they don’t like whatever that number is, you’re out of luck,” he added.
Here are the three things that one should look out for when shopping for a California mortgage online:
* Most of the mortgage websites do not have the physical manpower to work with every individual borrower. This means you would not receive the attention you’d need for your unique situation. You would basically wind up with a bad loan since there was no one available online to check and see if they could have gotten you a better deal.
* If you have special financial circumstances, such as being self-employed or damaged credit, most of these sites would not want to work with you unless you meet their rigid criteria.
* It’s also important to know if these websites provide advice when choosing between loan products. You don’t want a website that is only gathering offers and throwing advertisements at you, making you feel pressured.
Here the solution:
Use the internet to educate yourself on the mortgage industry, and then work with a real human, or a well respected website where there is always someone to speak to.