Have you ever asked this question: Is applying for an online mortgage in Greenville safe?
Sadly the fast answer is: For most people – Probably not!
Well then, why do we have an APPLY ONLINE BUTTON? Very good question! So, here is the longer answer:
Recently a New York Times article reported that more and more people were applying online for their mortgage loans than ever before. No reason to expect otherwise since we use the internet today for so many of the things that traditionally we had conducted in person, substituting a few keystrokes or taps on a screen over a drive in ever increasing traffic or waiting on hold to speak to a live person if you can find one. From insurance and banking to ordering our groceries, more and more of our daily transactions are being conducted on our computers, phones or tablets. We hope that our data is safe, but recently news reports of information being hacked at some of the US’s largest retailers and banks have given us all a bit of a pause to trust who really has access to our orders and information.
But, more than all of this above, shopping for your Greenville mortgage online might become a very confusing, frustrating and even overwhelming nightmare if you’re not careful. That is way I say, for most people that might apply online, well, perhaps they probably shouldn’t.
Here’s more about the dangers of applying online:
Many unsuspecting individuals are apply for loans on the internet only finding out later that they did not apply for a mortgage at all. They have merely entered their personal information into a database of a company that is going to turn around and sell that information to countless other business that want to sell you products and services. So, instead of a friendly call from a Professional Mortgage Broker they are flooded with calls and emails for solicitations from home improvement companies, credit repair companies, home insurance companies, and the list goes on and on. Eventually they might get a call from a mortgage company or worse calls from multiple mortgage companies.
That’s not to say that all companies offering online mortgages are bad. Many like us are in fact using safe practices that help you use the internet as a convenient way to facilitate or initiate the loan process that lets you stay in control of whom sees you important and private information. Our online application or quick contact form allow you the opportunity to have your questions answered and your basic information will be assigned to a Personal Mortgage lender that will complete the process of approval. We offer full service and preapprovals, not just a useless online prequalification.
Here are some warnings:
Online mortgage companies that may promise approvals regardless of your credit should be avoided, always! Most of these offerings turn out to be scams and it is highly unlikely you will get a mortgage offer from them or even worse they might sell your information to sometimes fraudulent credit repair companies that charge fees to “clean up” your credit with little to no success.
Avoid unsolicited emails offering you an online mortgage. In almost all cases these companies are only seeking your information for the purposes of selling it and just like above you will just receive more unsolicited emails and offers.
Recent surveying of mortgage and real estate professionals have revealed these facts:
In almost all cases reported, “even though the national online mortgage websites seem a convenient way to apply for your mortgage loan, most individuals would be better off making the application in person or over the phone. Stating that working with a local professional independent mortgage broker will allow him or her to understand your exact situation and allow more opportunity for you to negotiate for a lower interest rate, closing costs and fees plus tailor the exact terms that will better suit your financial and purchase needs.”
Lastly here is a big ‘DO NOT”. Do not have your credit “looked at” by several online companies thinking you are shopping around. Doing this can actually cause drop in your credit score. This is usually a short-term effect but, not something that you want to happen when you are trying to find the best mortgage rate.
Here is a short video with some handy tips on how to improve you credit score including the one above: