Internet Loans: Should You Trust Them?By Joseph Andahazy, Mortgage Shares, Inc.
Just a few years ago, most borrowers wouldn't think of submitting their personal information online and then blasting it into cyberspace. However, with society becoming more and more exposed to online information, borrowers are now using mortgage web sites for more than just "tire-kicking".
I asked a few who actually applied online and received either a rate quote and/or pre-approval and they said the experience was very simple. They especially liked the quick response they received, and that their loan was approved through a system commonly used in the industry known as "desktop underwriting" or "DU." Now, not everybody will be approved through DU. Only those with good to excellent credit will fly through.
If you require special consideration because of challenged credit or if your credit is good but you're self-employed and have difficulty verifying income, you can click on the "Loan Officer contact" key and someone should respond directly. Online mortgage web sites allow you to view current rates and pricing and search for the right program to fit your needs. You can also pull your own credit reports.
Most lenders who underwrite loans through the internet offer reduced fees compared to those processing in the traditional fashion, because of the paperless technology. However, there are those who still want to sit down and shake hands with a real loan officer right in their own neighborhood. That kind of service could never be replaced by a computer.
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