It would appear that identity theft is in the news almost every day time. An online mortgage application contains all of the elements needed for identity theft to occur, so careful consideration should be taken when deciding which website to choose as your mortgage loan source. Before entering crucial details about yourself, make sure you know who will have use of it. Applying on a website that promises to let multiple lenders compete for the loan is a sure way to share your information with untold numbers of individuals you won't ever be able to identify.
Before filling out information with an online mortgage application, take a short tour around the web site. Look to see if the mortgage company you are on the point of hire has a physical address listed. Often, this information is located on a page called "Contact Us" or on the actual "Home" page. See if there is a telephone number where you might call to speak to a real person before handing over all your information, if you so choose. Under no circumstance, hand out your Social Security Number in an online form. Only provide these details on the telephone or in person, once you have spoken to and are comfortable with the loan consultant you'll be working with on your online mortgage application.
Once you have found an online mortgage company that has an online business, but also has a physical address, you may elect to complete a short request for additional information. This type of online form asks some basic questions about your contact information as well as your loan needs. This form gives the loan consultant enough information to know if they has any loan programs that will be a fit for you personally. The loan consultant should contact you by phone or email to go over your loan.
When you speak with the loan advisor, be sure to give let them know what your objectives are with this particular loan. Are you looking to purchase a new house, lower your monthly payment, obtain a better rate, eliminate PMI, or convert your adjustable rate loan to a set rate? Once you and the loan consultant have chose to proceed with your mortgage loan, you will be asked enough questions to fill out a long application and at this time your Social Security Number will be required to access your credit history. Your application will then be sent to an insurance underwriter for consideration.
The loan consultant will give you a great faith estimate, which is the best estimate of the actual loan costs, as well as provide you with a summary of documents which will be required prior to a last approval. In most cases, an appraisal will be ordered through the lender, which is a third party placing a value in your home based on square footage, recent sales of other homes inside your neighborhood, quality of the home construction, it's condition, along with other factors.
Based on the online mortgage application, your credit history, the appraised value, and lender guidelines, your mortgage loan has become approved. The lender will order a title search as well as set a closing date. A title search is conducted to find out if there are any issues with the title, for example outstanding liens. Any liens which are found are usually necessary to be paid off prior to or at the shutting.
You should be able to contact your loan consultant anytime during the process. They are working for you and should make themselves available to answer any questions you might have. Do not hesitate to call them with questions or even concerns.
